As Trump hints presidential re-run, shares of companies linked to him soar

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Former US president Donald Trump may not yet have officially declared that he will run for presidential elections in 2024, but hints from his camps point to such a possibility. In an interesting development, share prices of companies linked to Trump have risen.

Shares of Digital World Acquisition Corp (DWAC), the blank-check company looking to take Donald Trump’s social media venture public, rallied on Monday.

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The share price saw a massive jump of more than 24 per cent. Each share now costs USD 21.55. This has brought year-to-date losses to 58 per cent.

“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.

Software developer Phunware Inc, which was hired by Trump’s 2020 presidential reelection campaign to build a phone app, jumped 18.3%.

Rumble Inc, 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.

Also Read | US Midterms: Twitter boss Elon Musk asks Americans to vote for ‘Republican Congress’

Artificial intelligence solutions company Remark Holdings, 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.

(With inputs from agencies)

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