2023-03-31 09:32:21 ET
Trump SPAC Digital World Acquisition, which is taking Donald Trump's social media company and Truth Social app public, rose 9% in premarket trading after a Manhattan grand jury to indict former president on felony charges.
Shares of Rumble Inc. ( NASDAQ: RUM ), often viewed as the conservative alternative to Google's ( GOOGL ) YouTube, also jumped 9%.
The precise charges are unknown and the felony indictment has been filed under seal, but Trump will now face surrender and arrest in coming days.
Shares of Digital World ( NASDAQ: DWAC ) have plunged 87% since hitting highs in early March of last year as investors are concerned about delays in completing its deal to take Trump Media & Technology public and Trump's likely return to competing social media platforms such as Twitter and Facebook ( META ) after he was banned following the attack on the U.S. Capitol in January of 2021.
Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.
For further details see:
Trump SPAC Digital World, Rumble gain amid news of indictment