Market News

DWAC and the Rest: How Trump’s 2024 Bid Is Impacting These Stocks

Former U.S . President Donald Trump has remained undeterred after the recent midterms verdict and has announced a 2024 Presidential bid.

While the results of the midterms indicate the task may not be a smooth sailing, Mr. Trump announced, “America’s comeback starts right now…soon we will be a great nation again.”

While we will have to wait for those results for another two years, the announcement is already making the prices of some stocks ‘great.’

Shares of Digital World Acquisition (DWAC) have rallied ~18% over the last five days as it awaits investor approval for its merger on November 22. Phunware, (PHUN) which created a mobile application for Mr. Trump’s campaign two years ago has increased its market capitalization by nearly a fifth over the last five days. Its recent third quarter numbers failed to beat estimates on both top line and bottom line fronts.

Finally, Rumble, (RUM) which provides live streaming platforms has also put on price gains of 21% over the past month. Its recent third quarter numbers were ahead of the Street’s expectations.   

As the Trump campaign gets going, one can only expect these names to remain as volatile as ever until D-day comes.

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