Shares of Rumble (NASDAQ: RUM) were surging today even though there was no company-specific news out on the video-sharing platform outside of an improvement to a YouTube sync tool. Instead, former President Donald Trump's resounding victory in the Iowa caucuses last night seemed to propel the stock higher as Rumble is often regarded as a conservative version of YouTube. In fact, Rumble was one of a number of Trump-associated stocks that soared on the news today.
As of 1:44 p.m. ET, shares of the video platform were up 14.2%, while Digital World Acquisition, the special purpose acquisition company (SPAC) in the process of buying Trump's Truth Social social network, was up 14.3%, and Phunware, a micro cap that helped build Trump's 2020 reelection campaign app, soared more than 300%.
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Source Fool.com