Shares of Digital World Acquisition (DWAC.O) the blank check firm set to take former U.S. President Donald Trump’s social media platform public, soared to their highest in 19 months on Monday after Florida Governor Ron DeSantis ended his 2024 presidential bid.
Quick Read
- DWAC Stock Soars: Shares of Digital World Acquisition (DWAC), linked to Trump’s social media platform, soared to a 19-month high after Ron DeSantis ended his 2024 presidential bid.
- DeSantis Endorses Trump: DeSantis’ withdrawal and endorsement of Trump over Nikki Haley boosted DWAC shares.
- Significant Gains for DWAC: Digital World’s stock more than doubled in the past five trading sessions amid Trump’s growing momentum for the Republican candidacy.
- Rumble Shares Jump: Shares of Rumble, a conservative video-sharing platform, surged 33% following a partnership announcement with Barstool Sports.
- Phunware’s Stock Increase: Phunware, which developed a phone app for Trump’s 2020 campaign, saw a 40% jump in its shares.
- Digital World’s Merger Delays: Despite recent gains, DWAC remains down from its March 2022 levels due to delays in its merger with Trump Media & Technology Group, the parent of Truth Social.
- Merger Completion Expected: Digital World Acquisition anticipates completing its merger with TMTG in the first quarter.
- Market Values Post-Surge: Following the surge, Digital World Acquisition is valued at $1.5 billion, Rumble at $1.3 billion, and Phunware at $121 million.
- Trump’s Social Media Presence: Trump committed to Truth Social after his Twitter ban but returned to X.com (formerly Twitter) following Elon Musk’s reversal of the ban.
Reuters has the story:
Donald Trump-linked stocks soar after Ron DeSantis throws in the towel
Newslooks- Jan 22 (Reuters) –
Shares of Digital World Acquisition (DWAC.O) the blank check firm set to take former U.S. President Donald Trump’s social media platform public, soared to their highest in 19 months on Monday after Florida Governor Ron DeSantis ended his 2024 presidential bid.
The stock jumped 55% to $41, its highest since June 2022, after DeSantis on Sunday stopped his campaign just two days before the pivotal New Hampshire primary. DeSantis also endorsed Trump over rival Republican hopeful Nikki Haley.
Digital World has now more than doubled over the past five trading sessions as the former president gained momentum in his bid to become the Republican candidate in November’s general election.
Shares of video-sharing platform Rumble (RUM.O) popular with conservatives, jumped 33% to $4.77 on Monday. The company announced a partnership with media firm Barstool Sports.
Software developer Phunware (PHUN.O) hired by Trump’s 2020 presidential re-election campaign to build a phone app, jumped 40% to 36 cents.
Digital World remains down over half from levels seen in March 2022 after the company’s merger with Trump Media & Technology Group, parent of Trump’s social media platform Truth Social, faced multiple delays since it was announced in October 2021.
Digital World Acquisition said last month it expects to complete its merger with TMTG as soon as the first quarter.
Following Monday’s surges, Digital World Acquisition has a stock market value of $1.5 billion, with Rumble valued at $1.3 billion and Phunware valued at $121 million.
Trump had vowed to stick exclusively with Truth Social after he was banned by Twitter following the Jan. 6, 2021, attack on the U.S. Capitol by his supporters.
However, he returned to X.com, formerly Twitter, in August months after his ban was reversed by new owner Elon Musk.
