Former President Donald Trump has announced Senator J.D. Vance (R-Ohio) as his vice-presidential running mate in the 2024 presidential election.
What Happened: Trump announced that Vance is his vice-presidential pick for the 2024 election. The news comes as the Republican National Convention is taking place in Milwaukee Monday through Thursday.
"After lengthy deliberation and though, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio," Trump posted on his Truth Social account.
Trump praised Vance's military service in the Marine Corps, schooling at Ohio State University and Yale Law School in his post. Trump also mentioned Vance's bestselling book "Hillbilly Elegy."
"Hillbilly Elegy became a major best seller and movie, as it championed the hardworking men and women of our country."
Trump also praised Vance's business career in technology and finance.
Why It's Important: The selection of Vance comes as the race to be Trump's vice president pick has seen several favorites emerge and up until mid-Monday, North Dakota Gov. Doug Burgum appeared as the favorite.
At the age of 39, Vance is one of the younger vice presidential candidates and could put him on the path to become one of the youngest presidential candidates ever. The youngest president in history is Theodor Roosevelt (42).
On prediction market Polymarket, Vance saw his odds climb from 13% in May to 27% in July as one of the favorites to win the vice president selection by Trump. Over $90 million was bet on Polymarket for Trump's vice president pick with users wagering in Polygon MATIC/USD, Ethereum ETH/USD and USDC USDC/USD.
Vance has been a member of the U.S. Senate since 2023 and is also a venture capitalist. Vance raised $93 million to start Narya Capital previously, according to Axios.
Narya Capital received backing from Peter Thiel, Marc Andreessen and Eric Schmidt.
Vance and Narya Capital are investors in Rumble Inc RUM.
On Monday, Tesla Inc CEO Elon Musk praised the selection.
"Congratulations @JDVance1! Excellent decision by @realDonaldTrump," Musk tweeted.
Musk also replied to a post by David Sacks that Vance was a “great choice.”
DJT, RUM Price Action: Trump Media & Technology DJT shares are up 33% to $41.08 on Monday on the heels of an assassination attempt on Trump and his improved odds to win the 2024 presidential election.
Rumble shares are up 20% to $7.12 on Monday as Trump-related stocks saw a boost in trading and potentially connected to Vance's selection as his running mate.
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