Trump-Linked Stocks Advance
By The Owner. News
Shares of Digital World Acquisition Corp, the blank-check company behind former U.S. President Donald Trump’s new social media venture, Truth Social, rose about 14% on Tuesday as the app topped downloads on Apple’s App Store after its launch late on Sunday.
Truth Social was downloaded 170,000 times since its launch, according to research firm Apptopia.
The app’s launch could mark Trump’s return to social media after he was banned from Twitter Inc, Facebook and Google.
Digital World’s shares jumped 14 per cent to $96.36, levels last seen in October, days after the blank check firm announced a deal to publicly list Trump Media & Technology Group (TMTG), the venture behind Truth Social.
The stock was also trending high on investor-focused social media site stocktwits[.]com, indicating interest from retail traders.
Other stocks linked to #Trump also advanced. Phunware, hired by Trump’s 2020 Presidential re-election campaign to build a phone app, climbed 11 per cent. SPAC CF Acquisition Corp VI, which is taking video platform Rumble Inc public, added 3.3 per cent.
At the same time, Twitter Inc continued its way down slipping 1.7 per cent, while Facebook-parent Meta Platforms shed 1 per cent.