Trump SPAC Digital World, Rumble, Digital Ally gain amid news of indictment (update)
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Update 4:15pm: Adds closing share price, Digital Ally shares.
Trump SPAC Digital World Acquisition, which is taking Donald Trump's social media company and Truth Social app public, rose 8% after a Manhattan grand jury voted to indict the former president on felony charges.
Shares of Rumble Inc. (NASDAQ:RUM), often viewed as the conservative alternative to Google's (GOOGL) YouTube, rose 7%. Rumble also reported Q4 results on Thursday after the close. Shares of Digital Ally (NASDAQ:DGLY), which is in the business of video solutions for law enforcement, including body and car cameras, skyrocketed 23% amid speculation there that there may be protests when Trump is arrested.
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. Investors are concerned about delays in completing its deal to take Trump Media & Technology public.
âThe procedural problems with completing the DWAC/Truth Social SPAC deal remain," Chris DeMuth Jr, Partner, Rangeley Capital, told Seeking Alpha in an interview. "Most significantly, the SEC shows no signs of preparing to approve the proxy. Without that, DWAC holders are unlikely to get whatever benefits, if any, accrue to Truth Social owners.â
Investors have also been worried about 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. Earlier this month YouTube lifted its restrictions on Trump's YouTube channel and Trump was allowed to post videos on the site.
Rumble (RUM) has gained much attention as alternative YouTube platform and after it announced a deal with former President Donald Trump's social media company and his platform Truth Social.
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