Digital World Acquisition (NASDAQ:DWAC), the special purpose acquisition company (SPAC) taking former President Donald Trump’s media brand public, has been seeing green lately. The soon-to-be Trump Media and Technology company is up 13% today for a surprisingly strong start to the week. DWAC stock is on the up and up of late as the conservative media movement continues to gain traction.
The reason for the jump? It’s somewhat unclear, but it’s likely due to an announcement from conservative YouTube alternative Rumble.
Yesterday, Jan. 10, the official Rumble Twitter tweeted out that the Chief Executive of Rumble Chris Pavlovski will be going live on Tim Pool’s podcast, “Timcast.” Pool hosts a very popular streaming program and will apparently deep dive into Rumble’s newfound popularity.
Speaking of which, ever since announcing the partnership with former President Trump’s media company, Rumble’s viewing numbers have skyrocketed. Just today, the company released an article informing fans of its transformative user growth.
“Today, the online video platform Rumble announced that it reached new highs for user engagement during the week of January 3rd to 9th, 2022. The company posted record weekly video bandwidth consumption and also saw the most-ever videos uploaded to the platform in a week.”
It seems Rumble, which is going public via its own SPAC merger with CF Acquisition (NASDAQ:CFVI), has a mutually beneficial relationship with DWAC.
Rumble Popularity Spike Sends Strong Signals to DWAC Stock Bulls
Rumble markets itself as a “high-growth neutral video platform that is creating the rails and independent infrastructure designed to be immune to cancel culture.” It’s viewed as a conservative alternative to YouTube and has recently gained traction from a number of high-level endorsements. Just last week, Kentucky Senator Rand Paul announced he’s moving to Rumble for all future video uploads, citing censorship concerns.
This gives some context to DWAC’s climb this week. And what a climb it is. On Monday, DWAC saw a 24% gain after Friday’s news that Trump’s social media platform, Truth Social, will launch in late February of this year. CFVI and DWAC both are riding new highs lately as clear skies are ahead.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.