Donald Trump's Immunity Claim In Capitol Riot Case Shot Down By Federal Appeals Court
Portfolio Pulse from Aaron Bry
A federal appeals court ruled that former President Donald Trump is not immune from prosecution for alleged crimes related to his efforts to overturn the 2020 election and the Jan. 6 Capitol riot. Special Counsel Jack Smith has brought charges against Trump, including subversion and conspiring to defraud the United States. Following the ruling, Trump-linked stocks Phunware Inc (PHUN) and Digital World Acquisition Corp (DWAC) traded sharply lower, down around 7% and 9%, respectively.
February 06, 2024 | 4:53 pm
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NEGATIVE IMPACT
Digital World Acquisition Corp's stock traded down around 9% following the court ruling against Trump's immunity claim.
The drop in Digital World Acquisition Corp's stock price is a direct consequence of the court's decision against Trump's immunity claim. As DWAC is linked to Trump, legal developments affecting him can significantly impact the company's stock performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Phunware Inc's stock traded down around 7% following the court ruling against Trump's immunity claim.
The decline in Phunware Inc's stock price is directly linked to the unfavorable court ruling against Donald Trump, as the company is associated with Trump. Negative legal news concerning Trump tends to impact the stock prices of related companies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80