Tech CEOs, markets react to Trump shooting

US Presidential candidate Donald Trump was shot in the ear at a rally in Pennsylvania on Saturday. His campaign said he was doing well.

World leaders, US politicians, and tech CEOs condemned the shooting, while some including Tesla chief Elon Musk, and hedge fund manager Bill Ackman declared their support for Trump.

I fully endorse President Trump and hope for his rapid recovery pic.twitter.com/ZdxkF63EqF

— Elon Musk (@elonmusk) July 13, 2024

Just a day before the shooting incident, US media reported that Musk donated a “sizeable” but undisclosed amount to a pro-Trump super PAC called America PAC. Musk is the wealthiest person in the world, with an estimated net worth of about $250bn.

Apple

Apple CEO Tim Cook “condemned” the attack and wished Trump a quick recovery.

I pray for President Trump’s rapid recovery. My thoughts are with him, the other victims and the Trump family. I strongly condemn this violence.

— Tim Cook (@tim_cook) July 14, 2024

Alphabet

Sundar Pichai, CEO of Google’s parent company Alphabet condemned the violence against Trump and wished him a quick recovery.

I’m wishing President Trump a speedy recovery. I’m shocked by today’s shooting and loss of life. Political violence is intolerable and we must all come together to strongly oppose it.

— Sundar Pichai (@sundarpichai) July 14, 2024

Amazon

Amazon CEO Jeff Bezos wrote on X and praised Trump’s resilience: “tremendous grace and courage under literal fire”.

Our former President showed tremendous grace and courage under literal fire tonight. So thankful for his safety and so sad for the victims and their families.

— Jeff Bezos (@JeffBezos) July 14, 2024

Microsoft

Microsoft CEO Satya Nadella called the incident a “horrific event” and said “there is simply no place for any type of violence in our society.”

There is simply no place for any type of violence in our society. Sending my best wishes to President Trump for a speedy recovery and to all those impacted by today’s horrific event.

— Satya Nadella (@satyanadella) July 14, 2024

Meta
Meta CEO Mark Zuckerberg posted on Threads that he is praying for a “quick recovery for President Trump.”

 

Some investors said the attack bolstered his chances of winning back the White House and trades betting on his victory are expected to increase this week.

Read: Investors react to shooting at Donald Trump rally

Bitcoin market

Bitcoin surged to a two-week high on Monday after Trump was shot at and raised the odds of the former president, who has presented himself as a champion of cryptocurrency, winning the upcoming election.

Bitcoin BTC= rose 8.6 per cent to $62,508, touching a two-week high of $62,698 earlier in the session, taking its year-to-date gains to 47 per cent.

Ether ETH= was also up 6.8 per cent at $3,322.

Trump is running against Democratic President Joe Biden in November’s US election and has slammed Democrats’ attempts to regulate the crypto sector. Trump presented himself as a champion for cryptocurrency during a San Francisco fundraiser in June, although he hasn’t offered specifics on his proposed crypto policy.

“He’s certainly positioned himself as pro-crypto and as the odds of his reelection were galvanised by the shooting on the weekend, it’s certainly put a big boost underneath the bid in crypto markets and bitcoin obviously, just an absolute standout,” said Tony Sycamore, a market analyst at IG.

Trump is due to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, the organizers of the conference said last week.

Bitcoin had a strong start to the year after the launch of exchange-traded funds in the US, propelling it to a record $73,803.25 in mid-March but has since struggled. It fell to an over four month low in early July as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox.

“We had four weeks of declines on the back of the Mt. Gox news … but the rebound, it looks to me like it’s got further to go and I wouldn’t be surprised seeing it head back up towards, at least towards $65,000 by the end of this week,” said IG’s Sycamore.

Odds favour Trump

Saturday’s shooting at Trump raised his odds of winning back the White House and betting on his victory will increase, investors said.

Before the shooting, markets had reacted to the prospect of a Trump presidency by pushing the dollar higher and positioning for a steeper US Treasury yield curve, and those moves extended a little in Asia trade on Monday morning.

Ten-year Treasury futures TYc1 dipped about 13 ticks and the dollar rose on the euro and yen. US stock futures ESc1 inched higher.

The first shooting of a president or major candidate since a 1981 assassination attempt on Republican President Ronald Reagan could upend the November 5 rematch between Republican Trump and President Joe Biden, a Democrat, which has been tight in polls.

“The election is likely to be a landslide. This probably reduces uncertainty,” said Nick Ferres, chief investment officer at Vantage Point Asset Management, citing polls that showed a surge in support for Reagan after the attempt on his life.

Election issues

Immigration and the economy have been the main issues for voters who, according to Reuters/Ipsos polls, see Trump as the better candidate for the economy, even as Biden seeks to benefit from solid growth, slowing inflation and low unemployment.

Under Trump, markets expect hawkish trade policy and looser regulation over issues from climate change.

Investors also expect an extension of corporate and personal tax cuts, fuelling concerns about rising budget deficits.

That could drive bond selling, said Michael Purves, CEO of Tallbacken Capital Advisors in New York and potentially add to inflation as interest rates fall.