The failed assassination attempt against the Republican candidate sparked numerous theories and allegations, with some focused on suspicious shorting activity targeting various Donald Trump-related companies.
Though the biggest short position – that taken by Austin Private Wealth – proved vastly exaggerated by a clerical error, Trump Media (NASDAQ: DJT) nonetheless proved heavily shorted ahead of the Pennsylvania rally during which the attack took place.
Given the somewhat suspicious activity and the subsequent rallies of some of Trump stocks, Finbold decided to take a look at three such firms and examine their fortunes ahead and after July 13, 2024.
Picks for you
Trump Media (NASDAQ: DJT)
In the days leading up to the Pennsylvania rally, Trump Media shares saw significant short interest – thanks in part to the significant bet made by Austin Private Wealth – amounting to approximately 11.27% of the float. Data retrieved from Nasdaq shows that interest slightly diminished between mid and late June – from 5,845,695 to 5,219,586 – but then rocketed to stand as high as 7,034,290 on July 15 – just two days after the attack.
Such bearish bets, however, did not prevent DJT stock from experiencing a major rally after the failed assassination attempt and rising from just below $31 to just below $41. Still, thanks both to the company’s weaker stock market performance after June 26 and the great bloodbath of July 24, Trump Media price today stands at $30.62, and the firm is down 15.81% in the last 30 days.
Phunware (NASDAQ: PHUN)
Phunware (NASDAQ: PHUN), a mobile software and blockchain company associated with Donald Trump mostly thanks to working on a Trump-Pence campaign app in 2020, has likewise seen substantial shorting activity ahead of the Pennsylvania rally.
In fact, by late June, the short interest stood at some 1,050,019 – about 10% of the float – and it diminished to 736,306 in the days after the assassination attempt. Unlike DJT shares, PHUN stock did not experience a rally after the attack and is down 18.60% in the last 30 days.
Phunware’s price today stands at $4.64.
Rumble Inc. (NASDAQ: RUM)
Rumble (NASDAQ: RUM), a company that operates an online video platform, has a long history of cooperating with former President Donald Trump and – much like DJT and PHUN – saw its short interest rise to nearly 20% of the float in the weeks leading up to the assassination.
Unlike the other two stocks, however, RUM’s short interest remained mostly level before and after the Pennsylvania rally attack but, again, unlike PHUN, also experienced a major rally in the aftermath of the assassination attempt.
Additionally, Rumble is the only of the three companies whose surge was significant enough that it remained in the green – by as much as 15.64% – even after the July 24 stock market bloodbath. RUM’s price today, at press time, stands at $6.36.
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