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SPAC CF Acquisition Soars on Trump Links of Target Firm Rumble -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Stocks of special purpose acquisition company CF Acquisition Corp VI (NASDAQ:) climbed 21% in Monday’s premarket trading on reports it will merge with Rumble, a social media platform that counts President Donald Trump as a member.

Popular with conservatives is the video platform. It also partners with another SPAC that was linked to the ex-US president.

Trump Media & Technology Group, a new outfit set up by the former President, is merging with SPAC Digital World Acquisition under a separate deal. Premarket, DWAC trades 6% higher than its counterpart. 

CF Acquisition CEO Howard Lutnick told Bloomberg last week that Truth Social, as Trump’s social media platform is called, is their partner.

“The Trump Media Group and DWAC SPAC are using Rumble for distribution,” he said. “I can confirm that they have an arrangement together.”

Trump Media Group will pay for Rumble’s distribution on a nonexclusive basis.

Trump is now off social media because both Meta-owned Facebook and Twitter (NASDAQ:), his favorite platform, banned him for his alleged involvement in the Jan 6 Capitol riot. Trump has explored ways to return his once large social media presence.

As Trump’s plans take shape, stock associated with him — Phunware (NASDAQ:) being another — have been in the limelight. Phunware provided technology services for the failed Trump 2020 campaign.   

 

 

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