Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gain

Shares of Phunware Inc. PHUN, +815.03% surged much than 1,000% aboriginal Friday, arsenic a special-purpose acquisition company, oregon SPAC, called Digital World Acquisition Corp. DWAC, +159.96%, was revealed to beryllium merging with an entity called Trump Media & Technology Group. Austin-based Phunware is an advertizing startup that has been associated with erstwhile President Donald Trump's 2020 statesmanlike campaign, and appeared to beryllium getting a assistance from the DWAC SPAC deal, which seemingly represents the erstwhile president's latest effort to motorboat a social-media platform. Meanwhile, shares of DWAC were up 190% connected Friday, contributing to a 1,345% play summation for the entity. Trump announced that helium expects to upend Silicon Valley via a caller app called TRUTH Social, which volition beryllium a spot of the recently formed social-media institution Trump Media & Technology Group. Digital World closed up 356.8% connected Thursday, marking the champion archetypal time of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's marketplace worth is conscionable $116 million, FactSet information show, adjacent with the surge successful its banal connected Friday.