Trump-tied stocks jump as former president launches 2024 White House bid

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Shares of companies tied to former US President Donald Trump reversed course to fall on Wednesday (Nov 16), following a recent rally in the run-up to him launching a bid to regain the presidency in 2024. Trump made the announcement on Tuesday, aiming to preempt potential Republican rivals, a week after midterm elections showed that the party had failed to...

Former US President Donald Trump makes an announcement of his plans to run for president in the 2024 US presidential election at his Mar-a-Lago estate in Palm Beach, Florida, US on Nov 15, 2022.Shares of companies tied to former US President Donald Trump reversed course to fall on Wednesday , following a recent rally in the run-up to him launching a bid to regain the presidency in 2024.

"The likelihood of a Trump victory has been slimmed after the Trump-supported candidates failed in the latest midterm elections. Therefore, I believe that the knee-jerk reaction will remain short-lived," said Ipek Ozkardeskaya, senior analyst at Swissquote. Software developer Phunware Inc, which was hired by Trump's 2020 presidential re-election campaign to build a phone app, shed 10.6 per cent.

 

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