Trump-linked stocks rally on possible 2024 presidential run

Remark Holdings

07/11/2022 13:27

(Repeats to widen distribution)
    By Shreyashi Sanyal and Anisha Sircar
       Nov 7 (Reuters) - Shares of Digital World Acquisition
Corp, the blank-check company looking to take Donald Trump's
social media venture public, rallied on Monday over the former
president's possible run for the 2024 presidential election.
    Trump is considering launching a third bid for the White
House this month, three of his advisers said last week, while
media reports over the weekend pointed to a campaign starting
before the end of November.
    Shares in Digital World Acquisition Corp  DWAC.O  jumped 27%
in premarket trading.
    "The prospect of Donald Trump seizing the political
spotlight again appears to have put a rocket under the share
price of DWAC amid expectation there could be a sharp increase
in users on the former President's highly controversial social
media platform," said Susannah Streeter, senior investment and
markets analyst at Hargreaves Lansdown.
    The rally in DWAC, which was also the top trending ticker on
retail investor focused social media forum Stocktwits, helped
lift shares of other Trump-linked companies.  
    Rumble Inc  RUM.O , a Canadian video platform popular with
conservatives added 3.4%, while software developer Phunware Inc
 PHUN.O , which was hired by Trump's 2020 presidential
reelection campaign to build a phone app, jumped 13.3%.
    Trump's social media venture Truth Social announced it would
join Rumble's new ad platform as its first publisher in August.
    Artificial intelligence solutions company Remark Holdings
 MARK.O , which has been linked to the former president on
social media sites, gained 6%. Reuters could not independently
verify the link between Trump and Remark.
 (Reporting by Shreyashi Sanyal, Akash Sriram and Anisha Sircar
in Bengaluru; Editing by Vinay Dwivedi)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))