Trump SPAC Digital World Acquisition drops 10% after huge gains on social media merger news

stock was up only slightly in price earlier Monday, trading about 4% higher on the day before pulling back to hover back and forth on either side of the "unchanged" level at around $94 per share.That pace was a major change from last week, when DWAC shares skyrocketed from $9.96 apiece at Wednesday's close to $94.20 per share Friday — a whopping 845% rally in two days.As of early afternoon Monday, more than 55 million shares of DWAC had changed hands, according to FactSet.

DWAC that day was the most traded name on the consolidated tape of New York Stock Exchange and Nasdaq listings, by far. In another sign that the Trump-fueled craze had died down, or at least moderated a bit, the share price of the advertising software startupPhunware, which was involved with Trump's 2020 reelection campaign, saw a 470% surge in price on Friday.

There is no indication that DWAC and Phunware have a business relationship. But Phunware's rise last week coincided with the spike in the SPAC's stock.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FaZe Clan Valued at $1 Billion After Deal to Go Public in SPAC MergerFaZe Clan says it’s a unicorn. The esports and gaming media company announced plans Monday to combine with a special purpose acquisition company (SPAC) in a deal to become a publicly traded e…
Source: Variety - 🏆 108. / 63 Read more »

Creator Group FaZe Clan to Go Public Through SPAC MergerThe group of gamers and creators will receive nearly $300 million from the merger, which it will use to fund its growth. The smell of tulips fills the air.
Source: THR - 🏆 411. / 53 Read more »