Shares in firms linked to Trump rise after indictment

By Scott Kanowsky -- Shares in the special acquisition vehicle aiming to take Donald Trump's Truth Social media venture public rose on Friday after the former U.S. president was indicted by a jury in New York.

Blank-check firm Digital World Acquisition Corp (NASDAQ:DWAC) gained more than 8% in early trading, as investors mulled over what the historic indictment might mean for traffic on Truth Social.

Other firms with ties to Trump climbed. Phunware Inc (NASDAQ:PHUN), a software group that worked on his reelection campaigned, saw shares rally, while Rumble Inc (NASDAQ:RUM), a video platform that signed a podcast deal with Trump's media company in 2021, jumped by more than 5%.

Lawyers representing Trump say he will surrender to Manhattan prosecutors next Tuesday. He was criminally indicted yesterday following a years-long investigation into alleged hush money given to an adult film star prior to the 2016 election.

Although these payments themselves are not legal, reports say officials were probing whether Trump allegedly filed them as legal expenses. Falsifying business records is illegal in the state of New York.

Trump is the first president to be charged with a crime. He has denied wrongdoing.

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