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SPAC CF Acquisition Soars on Trump Links of Target Firm Rumble

Stock MarketsDec 06, 2021 06:59AM ET

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SPAC CF Acquisition Soars on Trump Links of Target Firm Rumble

© Reuters.

By Dhirendra Tripathi

Investing.com – Stocks of special purpose acquisition company CF Acquisition Corp VI (NASDAQ:CFVI) 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.

The video platform, popular with conservatives, also has a partnership with another SPAC linked to the former U.S. 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. DWAC traded 6% higher in premarket.

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 is paying for distribution with Rumble on a non-exclusive basis.

Trump has been off social media as both Meta-owned Facebook (NASDAQ:FB) and his then favorite, Twitter (NYSE:TWTR), banned him from their platforms for his alleged role in inciting the January 6 Capitol riot. Since then, Trump has been exploring ways to restore his once-sizable social media presence.

As Trump’s plans take shape, stock associated with him -- Phunware (NASDAQ:PHUN) being another -- have been in the limelight. Phunware had provided technology services to the unsuccessful Trump 2020 campaign.

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Comments (4)

Kelly Callis Dec 06, 2021 9:42AM ET

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Go trump go!!!!

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Miriam Morkhul Dec 06, 2021 9:39AM ET

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"services to the unsuccessful Trump 2020 campaign", in what universe did this happen? Trumps rallies on planet earth in our dimension in the year 2020 had campaign success. Evident in footage showing tens of thousands attending. Technology worked great at his Pennsylvania rally where he has a massive screen playing the clip of Kamala Harris saying she would shut down oil production. Why do you write blatant lies?

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Nison Kay Dec 06, 2021 9:39AM ET

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fake news what you expect.

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Chris Wood Dec 06, 2021 9:17AM ET

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Ready for the Trump train to leave the station! Roll Trump roll!

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CatholicMan Dec 06, 2021 9:15AM ET

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So much winning!

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