Why Digital World Acquisition and Phunware Stocks Soared 107% and 471% Today
Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN) skyrocketed on Friday, as excitement for former President Donald Trump's new media company continued to build among investors.
By the close of trading, shares of Digital World Acquisition and Phunware were up 107% and 471%, respectively, after rising as much as 285% and 1,471% earlier in the day.
On Wednesday, Digital World Acquisition announced a deal to merge with Trump Media & Technology Group. The combined company intends to launch a new social network to compete with the likes of Facebook and Twitter. "I created Truth Social and TMTG to stand up to the tyranny of Big Tech," Trump said in a press release.
Source Fool.com
