Trump-Tied SPAC’s Shares Jump After Historic New York Charge
- Digital World, Phunware, and Rumble rally on strong volume
- Trump expected to be arraigned as early as Tuesday: attorney
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The criminal case against Donald Trump is providing a lift to the blank-check firm taking his media company public, as well as other stocks tied to the former president, as traders bet the news will drive traffic to conservative outlets.
Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media, rallied as much as 10%. Meanwhile, Phunware Inc., a software company that worked on Trump’s 2020 reelection campaign, gained as much as 5.6% and Rumble Inc., the Peter Thiel-backed conservative video network, climbed as much as 11% after reporting results.