The Thursday indictment of Donald Trump has been good news for certain stocks connected to the former president.
Digital World Acquisition Corp, the special-purpose acquisition company merging with Trump Media to take it public, saw its shares rise more than 10% to $14.38. That company includes Truth Social, which Trump has used as his primary social network since his ban from Twitter.
Another right-wing social media company, Rumble, saw its stock improve more than 4% to $9.73. The Peter Thiel-backed app is a video sharing platform targeted at conservatives.
The New York indictment of Trump and its specific charges remains under seal, but it involves alleged hush money payments made to adult film star Stormy Daniels during the 2016 campaign. The former president is expected to voluntarily surrender and be arraigned on Tuesday in Manhattan.
Trump is running for president again in 2024, and a company that worked on his 2020 reelection campaign also gained value.
Phunware, which developed the Trump/Pence reelection campaign app, saw its shares rise more than 9% to $0.70.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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