By Dhirendra Tripathi
Investing.com – Stocks of companies linked to Donald Trump's new media business were trading higher in premarket Tuesday as the plans of the former U.S. President for a strong social media play gather steam.
According to the latest development, Congressman Devin G. Nunes, who is currently a sitting U.S. House Representative, will join Trump Media & Technology as its CEO next month.
Nunes, a Trump loyalist, is the former chair of the House Intelligence Committee.
Trump Media is merging with SPAC Digital World Acquisition Corp (NASDAQ:DWAC), whose stock traded 5% higher in premarket. It had fallen 2.6% on Monday after confirming it had received requests from the Securities and Exchanges Commission for certain information predating its listing. Analysts said reports of meetings between Trump and the SPAC's sponsor Patrick Orlando early in 2021 raised questions about whether the company had provided full disclosure to investors when it listed.
Meanwhile, shares in CF Acquisition (NASDAQ:CFVI), a SPAC merging with social media platform Rumble (which counts Trump as a member), were up 4%.
Barred from big global platforms like Facebook (NASDAQ:FB) and Twitter (NYSE:TWTR), Trump is reportedly now looking for a platform from which to launch another run at the presidency in 2024.