Ben Laidler, global markets strategist at eToro, noted that investors seemed to favor Trump due to his previous positive impact on markets during his presidency. This sentiment is reflected in the stock market's reaction, where TMTG, the owner of Trump's Truth Social platform, saw its shares rise 7.3% to $39.54. Additionally, Phunware, which developed Trump's 2020 campaign app, climbed 8.1% to $6.81, while Rumble, a conservative-favored video-sharing platform, edged up 0.5% to $5.7.
Despite earlier legal challenges, including a recent case where Trump was found guilty of document falsification related to a payment involving a porn star, TMTG's stock has soared 110% this year. Trump, who holds a majority stake of 64.9% in TMTG valued at about $6.5 billion, has reaffirmed his commitment to Truth Social after being banned from Twitter following the January 6, 2021, Capitol attack by his supporters. However, he also returned to social media on X, formerly Twitter, after Elon Musk acquired it and lifted the ban.
Overall, these market movements are seen as indicators of investor sentiment favoring Trump's potential return to power in the upcoming election, reflecting ongoing political and economic uncertainties.
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