Yahoo Finance Trump’s social media venture boosted by indictment
Donald Trump's social media venture received a boost as traders bet that news of the former US president's indictment will drive traffic to conservative news outlets.
Digital World, a special purpose acquisition company (Spac), that is merging with his Trump Media brand, rallied as much as 16pc in US premarket trading as it emerged that Mr Trump is to face criminal charges.
Most of the companies making gains are media businesses or connected to his presidential campaigns.
Mr Trump compared his criminal indictment to a “witch-hunt” as he warned that it would “backfire massively” on US President Joe Biden.
Software company Phunware, which worked on Trump’s 2020 reelection campaign, jumped as much as 5.6pc.
Rumble, the Peter Thiel-backed conservative video network, surged 19pc. It was also boosted after reporting record global monthly active users in the fourth quarter.
The moves in the markets come as protesters have already taken to the streets in New York, with police warned to expect clashes.
Police sources told ABC News that all NYPD officers have been ordered to show up at 7am tomorrow in uniform for deployments around the city.
The former president is expected to appear in court on Tuesday accused of falsifying business records after $130,000 was paid to adult film star Stormy Daniels to stop her from speaking publicly about an adulterous affair she claims to have had with Mr Trump in 2006. Mr Trump denies the charges.
The 45th president, the first former Oval Office occupant to be indicted, will be fingerprinted and have his mug shot taken like any criminal defendant when he comes to New York State Supreme Court in Manhattan to face the charges, court officials have said.
