Trump-tied stocks jump as former president launches 2024 White House bid

Digital World Acquisition and Canada’s Rumble are among the companies seeing gains

Shares of companies tied to former U.S. President Donald Trump jumped on Wednesday after he launched a bid to regain the presidency in 2024.

Shares of Digital World Acquisition Corp, the blank-check company looking to take Trump’s social media venture Truth Social public, jumped 9% in premarket trading. DWAC was also the most trending ticker on retail investor-focused social media forum Stocktwits. “With Twitter no longer his platform for getting his views out there, there’ll likely be a lot more traffic and publicity for Truth Social,” said Craig Erlam, senior market analyst at OANDA.

Software developer Phunware Inc, which was hired by Trump’s 2020 presidential re-election campaign to build a phone app, jumped 9.2%.

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