The impact of the indictment includes some stocks being put into play by the news. Note this thread is strictly to discuss the stocks (DWAC, PHUN, RUM). If you want to discuss politics there is an entire forum dedicated to that. Trump-related stocks surge after indictment https://www.cnn.com/2023/03/31/investing/stocks-trump-dwac-phunware/index.html 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. Phunware (PHUN), the company that developed the Trump campaign’s mobile app for the 2020 presidential race, gained 3%. And Rumble (RUM), a conservative video platform that partners with Trump’s Truth Social app, also rose 3%. The stocks have moved significantly before when Trump has been in the spotlight. For example, DWAC shares soared after Republicans won the House of Representatives in November 2022 (though shares have fallen 55% since then). DWAC 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 DWAC 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. Digital World has said the federal probes have blocked the ability to get the deal with TMTG consummated. Despite shareholders’ rejection of the TMTG deal, the shell company said late last year it has been able to buy additional time because its sponsor, ARC Global Investments II, deposited nearly $3 million into the company’s trust account to exercise an option to unilaterally extend the merger agreement. If that hadn’t happened, the entire deal could have unraveled, forcing Digital World to return the roughly $300 million it has raised. That money is intended to fund the merger with Truth Social owner TMTG. A liquidation would have also threatened the additional $1 billion the Trump media company has raised.
Still can't believe he's indicted, over something that people do every day. LOL According to this article by CNN, hush money payment is even legal. https://www.cnn.com/2023/03/31/politics/trump-indictment-what-to-know/index.html So I don't understand how can they indict him on something that's allowed by law. What's he guilty of, something legal?? This is such a farce. Ridiculous that they would go through that much trouble to try to hush up Trump. They are that afraid of him getting re-elected at 2024 that they would try to get him indicted over a porn actress?? LOL
You are assuming he is being indicted on the hush money stuff. I think it will be about his business dealings in NYS, and all that skulduggery with avoiding taxes, etc.
I am not assuming. It's what CNN said. The indictment is sealed but has not been delivered. I think they better not deliver it because that would be the biggest farce in legal history, indicting somebody on something that's legal. All these are political persecution. I can't believe a democratic country like the United States is doing this. This is the kind of shit that you see in countries with dictatorships like in South America or the Middle East or Asia, not in a country like United States that's supposed to be a model in western democracy. This is unreal. This is what Biden is referring to as "saving America's soul"? By putting an innocent man in jail just because you are afraid that he's going to be elected again?
Are you trying to say you plan to Short one of these stocks or maybe go Long...DWAC, PHUN, RUM ??? https://www.nytimes.com/2023/04/02/business/trump-truth-social-spac.html https://www.cnbc.com/2021/10/26/stocks-linked-to-donald-trump-dwac-and-phunware-sink-in-trading.html wrbtrader
I was very surprised there was not more interest in these stocks in the recent few weeks prior to this week of Trump turning himself into the New York police. I'm not a stock trader. Thus, maybe there were and I just didn't notice. wrbtrader
First website is paywall so can't read it. Not going to monetize this one way or another. This is threatening the very fabric of our democracy, the impartiality of the judiciary system, checks and balances, the very mechanism that our democracy relies on to function. This does not affect just Trump; this is affecting our very own society, our own values, our beliefs, essentially who we are and it's going to affect all the generations to come. We laugh at other countries like China whose court verdict can be changed in a split second by a gesture from its top leader and we take comfort in the fact that our courts are independent and impartial and nothing and nobody can affect its decision; our verdict is decided solely upon the merit of the evidence whether the top leader likes it or not well this just changed everything. This is way beyond money and I am not going to let money cheapen it.
So if the financial markets react today to Trump turning himself into law enforcement... You will not be trading today in anything even if it is not in the mentioned stocks in the thread starter opening message post ??? wrbtrader
What I know is the market is not going to care one way or another whether Trump goes into or stays out of jail. There had been even bigger judicial crises with even sitting presidents and the market barely moved a blimp let alone something that concerns former presidents. So I will be trading...