Trump-Tied SPAC Jumps After Former President’s Big Iowa Win

Digital World and Phunware surge after Trump’s Iowa win
Caucuses victory positions Trump as Republican frontrunner

Donald Trump departs following a caucus night watch party in Des Moines, Iowa.Photographer: Al Drago/Bloomberg

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By Kit Rees

January 16, 2024 at 11:50 AM UTC

Updated on

January 16, 2024 at 9:09 PM UTC

This article is for subscribers only.

Donald Trump’s victory at the Iowa caucuses is lifting shares in the blank-check firm working on taking his media company public.

Digital World Acquisition Corp. rallied 29% on Tuesday, its best day since July, as it closed at the highest level in more than a year. Shares in Phunware Inc., a tiny software firm that worked on Trump’s 2020 reelection campaign, surged more than 450% in its best day since October 2021.