Trump-Tied SPAC, Rumble Show Power of Hardcore Followers
- Pair of stocks have ‘generated meme stock status’: Klymochko
- Loyal following has made the stocks standout as peers spiral
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Legions of followers betting on conservative social-media platforms have helped stocks like Rumble Inc. and the blank-check firm taking Donald Trump’s media company public to outperform peers, a sign that speculative fervor in the market is still high.
The pair are, respectively, one of the best performers this year among firms that merged with a special-purpose acquisition company and the top-gaining SPAC since listing that hasn’t yet completed a combination. That outperformance -- at a time when shares of established social-media companies mostly are in free fall -- has been fueled in part by retail traders.