Three stocks with ties to former President Donald Trump surged Friday after two sources familiar with the case told CNN that Trump faces 30 counts related to business fraud in an indictment from a Manhattan grand jury
It’s not clear why investors sent shares of those companies soaring Friday, although the stocks tend to swing wildly — surging and plummeting — when Trump makes news. Shares of Digital World Acquisition Corp., the blank-check firm seeking to merge with Trump’s media venture, rose 10% Friday in premarket trading. Phunware\n \n , the company that developed the Trump campaign’s mobile app for the 2020 presidential race, gained 4%.
shares soared after Republicans won the House of Representatives in November 2022 . announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app. The former president is the chairman and a major shareholder of TMTG. But the deal between and TMTG has failed to come to fruition, as a shareholder vote on the transaction had been delayed several times before it ultimately failed in September 2022. The controversial merger has also been stalled by legal scrutiny. The Justice Department is investigating the acquisition, in addition to the SEC. In late June, Digital World revealed its board members had received subpoenas from a federal grand jury in the Southern District of New York related to due diligence regarding the deal.
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