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Trump connection lifting some obscure companies

By Kevin Donovan

17:44, 25 October 2021

Trump Building
Trump Building - Source:

While Digital World Acquisition Corp. shares have skyrocketed over 1100% since news broke that the blank cheque company was taking Trump Media & Technology Group public via a SPAC merger, other small-cap stocks have ridden seemingly tangential relationships to DWAC and the former president to new highs – and valuations.

For example, Phunware, an Austin, Texas-based software developer, which contracted on the Trump-Pence 2020 Campaign’s social media effort, has traded up over 654% since Thursday’s $1.58-per-share opening price to open trading Monday at $11.92. Trading volume topped 188m shares as of noon Monday, versus a 16m daily average, according to Nasdaq.

Phunware, which trades over the Nasdaq Exchange under the ticker PHUN, has seen its market capitalisation go from under $80m (£58.10) as of Wednesday morning's market close to over $1.3bn Friday morning, when Phunware shares hit a 52-week high of $24.04.

Phunware reported loss

For the most recent period, Phunware reported an $8.3m loss in the 2Q 2021, or 12 cents per share, on $1.4m of revenue. For the full year 2020, Phunware reported a $22m loss, or 50 cents per share, on $10m in revenue.

“Trump likes Phunware (see: 2020 re-election campaign). Trump needs to build out a social media app. Phunware can make a social media app. Ipso facto...Trump will use Phunware to create TRUTH,” explained The Water Coolest in its Monday report.

Users on the Reddit forum r/WallStreetBets have gotten in on Phunware as well, with user Turbulent-Sort2964 posting “PHUN run lol” Monday morning.


14,472.20 Price
+1.260% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 1.8


0.53 Price
+0.230% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00437

Oil - Crude

71.03 Price
-1.960% 1D Chg, %
Long position overnight fee -0.0153%
Short position overnight fee -0.0066%
Overnight fee time 21:00 (UTC)
Spread 0.03


26,542.95 Price
+0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00

Trump connection 

Phunware isn’t the only company seeing share price spikes on Trump speculation. Conservative media outlet Salem Media Group has seen its shares rise over 43% since the DWAC acquisition announcement. The connection? Sebastian Gorka, a former Trump administration deputy assistant and National Security Board Education Board member, hosts a radio programme on Salem Media.

Benessere Capital Acquisition Corp., a separate SPAC run by DWAC CEO Patrick Orlando, which closed Thursday at $10.11 per share, has seen its shares rise over 77% to open Monday at $17.93. Orlando is also CEO of Yunhong Capital Acquisition Corp, which after a mid-session spike Friday, has seen its shares move back in line with the pre-merger announcement price range.

Read more: Donald Trump to launch media venture via Nasdaq SPAC merger


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