Rumble (NASDAQ:RUM) stock is gaining on Friday as investors react to news of former President Donald Trump being indicted.
That indictment comes from a grand jury in New York City and has to do with the $130,000 Trump paid to Stormy Daniels during the 2016 presidential elections. The case files are still sealed, meaning we don’t yet know the potential charges Trump faces.
Trump attorneys Susan Necheles and Joe Tacopina confirmed the indictment in a joint statement to NBC News:
“President Trump has been indicted. He did not commit any crime. We will vigorously fight this political prosecution in Court.”
What This Means for RUM Stock
Investors are betting on stocks connected to Trump, or those with conservative leanings, in light of the indictment. The idea here is that RUM stock, as well as others, will rise as more conservatives flock to the platforms amid the news.
We’re already seeing that today with heavy trading of RUM stock as investors buy shares. As of this writing, more than 4 million shares of the social media company’s stock have changed hands. That’s well above the company’s daily trading volume of 1.1 million shares.
RUM stock is up 6.7% as of Friday morning and up 58.2% since the start of the year.
Investors seeking more of the latest stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! That includes why shares of Digital World Acquisition (NASDAQ:DWAC), Helbiz (NASDAQ:HLBZ) and Nikola (NASDAQ:NKLA) stock are moving today. Investors can get up to speed on these matters at the links below!
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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.