Why Are Trump Stocks RUM, DWAC Up Today?

Advertisement

  • Trump stocks are on the rise today following indictment news.
  • That comes as they see heavy trading from investors.
  • Rumble (RUM) also released its latest earnings report yesterday.
Trump Stocks - Why Are Trump Stocks RUM, DWAC Up Today?

Source: Tada Images / Shutterstock.com

Stocks connected to former President Donald Trump are heading higher on Friday following news of his indictment.

Both Digital World Acquisition (NASDAQ:DWAC) and Rumble (NASDAQ:RUM) stocks are climbing higher today on the news. This comes as both companies see heavy trading volume today as investors bet on the businesses with the indictment news.

The thought process here is that Trump’s indictment will result in a boost in business for Truth Social — which is set to merge with Digital World — as well as Rumble. Both social media platforms appeal to conservative userbases. That means they may see more activity as those users collect together and talk about the news.

In addition to this, Rumble released its earnings report for the fourth quarter of 2022 after markets closed yesterday. Investors are celebrating those earnings with revenue coming in well above expectations.

Let’s dig into how this news is affecting Trump stocks below!

Trump Stocks Up on Friday

  • DWAC is gaining 5.8% as of Friday morning as some 1.3 million shares change hands. Its daily average trading volume is about 457,000 shares.
  • RUM stock is up 7% as of this writing as around 4.7 million shares trade. The company’s daily average trading volume is closer to 1.1 million shares.

Investors seeking out more of the latest stock market news for Friday will want to keep reading!

InvestorPlace is home to all of the most recent stock market news worth reading about today! A few examples include why shares of Helbiz (NASDAQ:HLBZ), Nikola (NASDAQ:NKLA) and Generac (NYSE:GNRC) stock are on the move today. You can read up on this news at the links below!

More Friday Stock Market News

On the date of publication, William White did not hold (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-are-trump-stocks-rum-dwac-up-today/.

©2023 InvestorPlace Media, LLC