Trump-linked stocks rally on possible 2024 presidential run (updated)

Remark Holdings

07/11/2022 15:20

(Adds details, updates prices to open)
    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
more than 24% to $21.55, and were set for their best day in
nearly a year, bringing down year-to-date losses to 58%.
    "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 fifth most trending
ticker on retail investor focused social media forum Stocktwits,
helped lift shares of other Trump-linked companies.
    DWAC on Thursday extended the deadline to Nov. 22. for
investors' approval to complete its merger deal with Trump Media
and Technology Group.  
    This move comes as Americans prepare to vote in the U.S.
midterm elections, with analysts expecting Republicans to win
control of Congress.   
    Software developer Phunware Inc  PHUN.O , which was hired by
Trump's 2020 presidential reelection campaign to build a phone
app, jumped 18.3%.
    Rumble Inc  RUM.O , a Canadian video platform popular with
conservatives, however, slipped 3.5%. Trump's social media
venture Truth Social announced in August 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 8.6%. 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;))