Donald Trump-Linked Stocks Rise After Ron DeSantis Drops Out of 2024 Presidential Race

By Jace Dela Cruz

Jan 23, 2024 02:35 AM EST

Some stocks linked to former President Donald Trump have soared after Florida Governor Ron DeSantis ended his 2024 presidential bid on Sunday.

According to Reuters, shares of Digital World Acquisition, the blank check company set to take Trump's social media platform public, experienced a significant rise on Monday. 

(Photo : CHARLY TRIBALLEAU/AFP via Getty Images)
TOPSHOT - Former US President Donald Trump leaves Trump Tower for Manhattan federal court for the second defamation trial against him, in New York City on January 22, 2024.

Stock of Digital World Acquisition Linked to Donald Trump Rises 55%

After Ron DeSantis dropped out of the 2024 presidential race, the stock of Digital World Acquisition reportedly jumped 55% to $41, its highest in 19 months or since June 2022.

DeSantis broke the news through a social media platform X post two days before the New Hampshire Republican presidential primary. As he threw in the towel, De Santis also officially endorsed Donald Trump over former South Carolina Governor Nikki Haley.

As Trump gained momentum in his bid to become the GOP candidate in November's presidential election, Digital World has more than doubled in the past five trading sessions.

The company remains down more than half from the levels seen in March 2022, after its merger with Trump Media & Technology Group (TMTG) faced several delays since it was announced in October 2021.

Last month, Digital World said it expects to complete its merger with TMTG as early as the first quarter. TMTG is the parent of Trump's social media platform, Truth Social.

READ ALSO: Donald Trump Civil Fraud Trial: Here's What to Know as Case Nears End 

Other Stocks Linked to Donald Trump

Shares of Rumble, the video-sharing platform popular with conservatives, rose 33% to $4.77 on Monday as the firm announced a partnership with media company Barstool Sports.

Phunware, the software developer hired by Donald Trump's 2020 presidential re-election campaign to create a phone app, also climbed 40% to 36 cents.

Digital World Acquisition has a stock market value of $1.5 billion after Monday's surges, while Rumble has a value of $1.3 billion, and Phunware is valued at $121 million.

The former president had promised to stick with Truth Social after Twitter banned him following the January 6, 2021 Capitol riot caused by a mob of his supporters. However, Trump returned to X, formerly known as Twitter, in August after its new owner Elon Musk reversed his ban.

READ MORE: Donald Trump's Newest Venture: Selling NFT Trading Cards With Bits of His Mugshot Suit and Exclusive Dinner Invites

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