Rumble Inc (NASDAQ:RUM) shares raced higher Monday, closing the day up more than 20% after former President Donald Trump picked Sen. J.D. Vance (R-Ohio) as his running mate.

What Happened: Trump on Monday named Vance his vice-president selection for the 2024 presidential race as the Republican National Convention kicked off in Milwaukee this week.

"After lengthy deliberation and thought, 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 said in a post on Truth Social.

"J.D. honorably served our Country in the Marine Corps, graduated from Ohio State University in two years, Summa Cum Laude, and is a Yale Law School Graduate, where he was Editor of The Yale Law Journal, and President of the Yale Law Veterans Association."

Vance is also a former venture capitalist. Cincinnati-based venture-capital fund Narya Capital, which was co-founded by Vance, led a major investment in Rumble in 2021 with a group of prominent conservative venture capitalists including Peter Thiel, per The Wall Street Journal.

Related Link: Trump Picks Senator J.D. Vance As Running Mate: Musk Says 'Great Choice' For VP

Even before Trump announced Vance as his running mate, Rumble shares moved higher in early trading following the attempted assassination of Trump at a rally in Pennsylvania over the weekend.

Trump's odds of winning the 2024 presidential election reportedly jumped to an all-time high after the former President survived the assassination attempt. Analysts have suggested that the weekend's events make it more likely that Trump will win back the White House in November.

RUM Price Action: Rumble shares closed Monday up 20.71% at $7.17. The stock was up another 0.28% after hours at $7.19 at the time of publication, per Benzinga Pro.

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