By Jerry Kronenberg | Moomoo News
Media stocks related to former president Donald Trump and his supporters soared Monday following Florida Gov. Ron DeSantis’ weekend decision to drop out of the presidential race, seemingly boosting the odds that Trump wins the Republican nomination.
$Digital World Acquisition Corp (DWAC.US)$, the special purpose acquisition company that’s scheduled to merge with Trump’s Truth Social social-media network, rallied as much as 39.2% shortly after 11:30 a.m. ET to hit a $36.73 52-week high. Many see Truth Social as a conservative alternative to Elon Musk-owned X, formerly known as Twitter.
Separately, $Rumble (RUM.US)$ -- which runs a video-streaming platform considered a conservative rival of YouTube, which is owned by Alphabet (GOOGL) – gained as much as 29.2% to a $4.64 intraday high.
Some investors are apparently taking the view that a second Trump presidential term will boost conservative social media.