Trump-tied stocks jump as former president launches 2024 White House bid

Reuters, 16 November — Following the announcement that he would run for office again in 2024, shares of businesses connected to former U.S. President Donald Trump increased on Wednesday.

A week after midterm elections revealed that the party had not succeeded in winning as many seats in Congress as it had hoped, Trump made the statement at his Mar-a-Lago resort in Florida in an effort to preempt future Republican competitors.

In premarket trading, shares of Digital World Acquisition Corp (DWAC.O), the corporation with a blank check that plans to IPO Trump’s Truth Social social media project, increased by 9%. Additionally, DWAC was the most popular ticker on Stocktwits, a social media platform geared toward retail investors.

DWAC informed stockholders earlier this week to vote in favor of extending the completion date for the proposed agreement with Truth Social.

According to Craig Erlam, senior market analyst at OANDA, “there’ll certainly be a lot more traffic and awareness for Truth Social with Twitter no longer his vehicle for getting his thoughts out there.”

In fact, a lot more free publicity will probably be attracted to any company associated with Trump and his numerous endeavors after leaving the White House, which is generally good for their stock price.

Phunware Inc (PHUN.O), a software company engaged by Trump’s 2020 re-election campaign to create a mobile application, increased 9.2%.

Conservatives like the Canadian video platform Rumble Inc (RUM.O), which had a 1.6% increase in trading volume. Trump’s Truth Social declared in August that it would become the first publisher on Rumble’s new ad platform in that month.

Remark Holdings (MARK.O), a provider of artificial intelligence solutions, increased 5.7% after being associated to the former president on social media. The relationship between Trump and Remark could not be independently verified by Reuters.