Stocks Linked To Trump Surge Amidst Expectation Of A Possible Presidential Run

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After rumors emerged that former U.S. President Donald Trump is considering a return to the top office emerged, shares of Digital World Acquisition Corp surged. The blank check company wants to take Trump’s social media venture public.

Three of Trump’s advisers said last week that he is considering launching a third bid for the White House. Media reports revealed that a campaign can begin before the end of the month.

DWAC Surges By 24%

The shares in Digital World surged more than 24% to $21.55, which represented its best performance in almost one year. Although the shares of DWAC have surged in the past few days, their overall value is still down this year. The stock is still 43% down year-over-year as the company keeps dealing with legal and financial issues.

Artificial intelligence solutions provider Remark Holdings surged 8.6%. The platform has a link to Trump’s social media sites. However, the link between Remark and the former president has not been verified.

Another beneficiary is software developer Phunware Inc which had an impressive leap of 18.3%. The company was contracted by Trump’s presidential re-election campaign to launch a phone app.

However, Canadian video platform Rumble Inc dropped 3.5% at the same time. The platform is used mostly by conservatives. Truth Social, Trump’s social media venture stated in August that it will partner with Rumble’s new ad platform.

Trump’s Interest In The Presidential Race Ignites Some Stocks

Senior investment and markets analyst at Hargreaves Lansdown, Susannah Streeter, stated that the prospect of Trump reappearing on the top political landscape seemed to have ignited the interest for DWAC. The highly controversial platform is expected to have a sharp increase in the number of users

The rally in DWAC has been the fifth most trending ticker on StockTwits, a retail investor-focused social media forum. It has also helped to increase shares of other Trump-linked companies.

On Thursday, DWAC extended its deadline for investors’ approval to November 22 as it tried to conclude a merger deal with Trump Media and Technology Group.

This is coming at the time Americans are preparing to go to the polls for the U.S. midterm elections. Analysts are already anticipating a major win for Republicans in Congress.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.