Why Rumble Stock Skyrocketed Today
Rumble (NASDAQ: RUM) stock surged in Tuesday's trading. The video-streaming company's share price ended the daily session up 15.4%, according to data from S&P Global Market Intelligence.
While there wasn't any business-specific news propelling Rumble's share price higher today, the stock gained in conjunction with an explosive valuation surge for another alternative media company. After completing its merger with a special purpose acquisition company (SPAC), Trump Media & Technology Group began trading on the market today and rocketed higher in its debut. In addition to the Trump bump, investors also likely poured into Rumble stock in anticipation of some big company-specific news this week.
Trump Media, which houses the Truth Social business and is backed by former president Donald Trump, had been up as much as 58.9% earlier in Tuesday's trading. While the stock gave up some of its early gains, it still ended the day up 16.1%. The strong trading start for the media company, which Trump owns a majority stake in, also seemed to help increase bullish sentiment for Rumble.
Source Fool.com
