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Phunware Soars on Rumor it Will be Working With Trump

Stock MarketsOct 23, 2021 02:12
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© Reuters.

By Dhirendra Tripathi

Investing.com – Phunware stock (NASDAQ:PHUN) was defying all conventions Friday as it rose 1,468% on speculation that the company is being tapped to build former U.S. President Donald Trump’s proposed social media platform.

Trading in the stock was halted later. It jumped 1,000% after it resumed.

The stock touched a high of $24.04 during the session. It had closed at $1.53 Thursday.

More than 197 million shares of the company changed hands on Nasdaq in less than an hour of trading.

The speculation has its roots in a USA Today article from May 2020 highlighting a partnership between Phunware and the Trump campaign of 2020. The piece was circulated by traders today.

According to that USA Today article, Phunware announced a partnership with American Made Media Consultants for "the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple (NASDAQ:AAPL) iOS and Google (NASDAQ:GOOGL) Android smartphones."

Phunware operates a platform for mobile that provides companies products, solutions and data and services necessary to engage and make money off of its mobile application consumer base.

Phunware is the second stock to have climbed stratospheric proportions this week because of an association with Trump. The stock of a special purpose acquisition company called Digital World Acquisition (NASDAQ:DWAC) is skyrocketing for the second-straight day after it announced it would merge with a company that is going to manage Trump's proposed social media site.

The deal aims to set up an alternative media platform as Trump claims the current offerings are against him. Trump has been off social media since Facebook (NASDAQ:FB) and his then favorite, Twitter (NYSE:TWTR), banned him after the January 6 Capitol riot. Since then, Trump has been exploring ways to restore his once-sizable social media presence.

Shares of DWAC have climbed 1,630% since it closed at $9.96 Wednesday. The stock touched a high of $172.36 today, before giving up some of the gains and trading 151% up at $114.

Phunware Soars on Rumor it Will be Working With Trump
 

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