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.
(Bloomberg) — 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.
Trump on Thursday became the first former US president to be indicted. He’s expected to be arraigned as early as Tuesday, according to his defense attorney.
Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media, rallied as much as 16% in US premarket trading. Meanwhile, Phunware Inc., a software company that worked on Trump’s 2020 reelection campaign, also jumped as much as 5.6% and Rumble Inc., the Peter Thiel-backed conservative video network, surged 19%.
Rumble was also getting a boost after reporting record global monthly active users in the fourth quarter, helping the video-sharing platform post quarterly revenue that was nearly double analysts’ average estimates.
The Manhattan district attorney’s office has been in contact with Trump’s lawyer to coordinate his surrender for arraignment. Joe Tacopina, Trump’s lawyer, confirmed the former president planned to appear before New York authorities. He said he hasn’t been told what the specific charges are and expects them to remain under seal until the arraignment.
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