The announcement by ex-President Trump that he wants to run again as a candidate in 2024 is also causing movement on the stock market. Companies that stand to benefit from his campaign are seeing their stocks rise. These include the operators of social media channels popular with conservatives.
Donald Trump's renewed candidacy for the White House is driving shares in the communication channels favored by the ex-president. Despite increasing criticism from his own ranks, Republican Trump will throw his hat in the ring in the 2024 US presidential election and give the go-ahead for his campaign. As a result, shares of Digital World Acquisition rose nine percent premarket on Wall Street.
The stock vehicle is designed to take Trump's social media venture Truth Social public. "With Twitter no longer being his platform to get his views across, there will likely be a lot more traffic and exposure for Truth Social," said Craig Erlam, market analyst at trading house Oanda. "In fact, any company that has been associated with Trump and his various projects since he left the White House is likely to attract a lot more free publicity, which in most cases isn't a bad thing for their stock price."
Software developer Phunware, hired by Trump's 2020 presidential reelection campaign to develop a phone app, is up 9.2 percent premarket. Rumble, a Canadian video platform popular with conservatives, rose 1.6 percent. Remark Holdings, an artificial intelligence solutions company that has been linked to the former president on social media sites, rose 5.7 percent. However, so far there is no evidence of a connection between Trump and Remark.
