Phunware (NASDAQ: PHUN) stock skyrocketed over 453% following Donald Trump’s decisive victory in the Iowa Republican contest for the 2024 presidential elections. Trump’s triumph has significantly bolstered the perception of his inevitable nomination, as indicated by his commanding lead in national polls.
Phunware, known for its role in Trump’s 2020 election campaign, saw its stock reach $0.42 amid the buzz surrounding the latest political development.
The other Trump-linked stocks also experienced substantial gains, with Digital World Acquisition (NASDAQ: DWAC) and Rumble (NASDAQ: RUM) surging over 29% and 15%, respectively.
Shares of Digital World (DWAC) have plummeted by more than 93% in the past year. This is due to persistent delays in the company’s merger with Trump Media & Technology Group. The parent company of social media platform Truth Social announced the merger in October 2021, but various challenges have hindered its progress.
However, the company announced last month that it expects the merger to be completed in the first quarter of 2024. DWAC stock outperformed other Trump-associated stocks throughout 2023, concluding the year with a marginal gain. Rumble witnessed a 40% decline, while Phunware experienced a substantial 90% loss in value over the same period.
Trump-related stocks received an additional boost following the withdrawal of contender Vivek Ramaswamy from the presidential race. This move increases the likelihood of Donald Trump securing the 2024 nomination. With Ramaswamy out of the competition, the remaining contenders in the race are Florida Governor Ron DeSantis and former U.N. Ambassador Nikki Haley.
Phunware (NASDAQ: PHUN) emerged as the most traded Trump stock yesterday. The traders have exchanged hands with 1,569,543,488 (1.56 billion) shares compared to the average volume of 4.01 million.
During the September quarter, Rumble (NASDAQ: RUM) reported a loss of $29 million, equivalent to 14 cents per share, while generating a revenue of $18 million. According to the company’s earnings release, it has 58 million unique monthly users. Rumble is currently focusing on expanding its Rumble Advertising Network. Moreover, recent updates from the fourth quarter indicate that Rumble has officially launched the beta version of its much-awaited Rumble Studio software.
Trump-related stocks frequently respond to developments related to the former president. Shares experienced a significant surge following his indictment last March.
However, Trump has expressed discontent, stating that the ascending stock market merely “makes rich people richer.” Simultaneously, he has predicted that the market will experience a crash if he is not elected in November.
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies.
