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Aiming to preempt potential Republican rivals, Trump made the
announcement at his Mar-a-Lago estate in Florida a week after
midterm elections showed that the party had failed to win as
many seats in Congress as it had hoped.
Shares of Digital World Acquisition Corp, the blank-check
company looking to take Trump's social media venture Truth
Social public, jumped 9% in premarket trading. DWAC was also the
most trending ticker on retail investor-focused social media
forum Stocktwits.
Earlier this week, DWAC reminded stockholders to vote in favor
of extending the completion deadline for the proposed deal with
Truth Social.
"With Twitter no longer his platform for getting his views out
there, there'll likely be a lot more traffic and publicity for
Truth Social," said Craig Erlam, senior market analyst at OANDA.
"In fact, any company tied to Trump and his various projects
since leaving the White House will likely attract a lot more
free publicity, which in most cases is no bad thing for their
stock price."
Software developer Phunware Inc, which was hired by Trump's 2020
presidential re-election campaign to build a phone app, jumped
9.2%.
Rumble Inc, a Canadian video platform popular with
conservatives, gained 1.6% in low trading volumes. Trump's Truth
Social announced in August it would join Rumble's new ad
platform as its first publisher in August.
Artificial intelligence solutions company Remark Holdings, which
has been linked to the former president on social media sites,
gained 5.7%. Reuters could not independently verify the link
between Trump and Remark.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Devika
Syamnath)
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