We mentioned last week that investors were preparing for a politically driven 2024, and boy, that accelerated quickly. 😜
Trump-linked stocks Digital World Acquisition Corp, Phunware, and Rumble jumped sharply today after Ron DeSantis canceled his presidential run.
These names started gaining traction last week as the former president gained momentum in his bid to become the Republican national candidate in the 2024 election. And with his opposition dropping like flies, these stocks have become proxies for betting on him running (and potentially winning). 🗳️
It’s still unclear what the long-term potential for these businesses is, but the amount of activity on streams like $DWAC shows these stocks will likely be in focus for the rest of the year. 👀
As for Rumble, it’s worth mentioning the vide-streaming platform struck a partnership with digital media company Barstool Sports. Rumble users will receive access to all Barstool Sports content, including live streams. Meanwhile, Bartsool will market and promote Rubmle as their preferred video home. There also appear to be incentives in place to encourage both companies to bring advertisers to the Rumble platform. 💻
Let’s not forget about Barstool founder Dave Portnoy’s other investment, Spirit Airlines, which extended gains today as it appealed the ruling blocking its merger with JetBlue. Davey Day Trader is finally up on his investment, and we’re all waiting to see his next move. 🍿
And lastly, while we’re talking about social media stocks, we need to mention Meta. The stock has completed one of the greatest round-trips in recent history, falling 77% in about 430 calendar days and staging a 344% rally to get back to even in just as much time. Hats off to Zuckerberg and anyone who bought the dip during 2022’s selloff. 😮
