Phunware, Digital World Tank After Last Week’s Lifetime Highs By

By Dhirendra Tripathi

– Stocks of Phunware (NASDAQ:PHUN) and Exchange rate USD to RMB Digital World Acquisition (NASDAQ:DWAC), the two companies that shot into prominence last week because of their association with former U.S. President Donald Trump, plunged Tuesday.

Phunware slumped 33% and DWAC 20% but are still way higher than their prices before the news of their links with Trump became public. They have been among the top trades on Nasdaq and have acquired meme stock status.

It was DWAC first that shot into limelight Thursday after the September 20 announcement it would merge with Trump Media & Technology Group, an outfit set up by the former president to pursue opportunities in media.

The heart of that business will be a new social media platform called ‘TRUTH Social,’ that Trump says will “stand up to the tyranny of Big Tech.”

Between the two closings of Wednesday and Friday last week, DWA stock rose 1,657%. It is still 565% higher than Wednesday’s close of $9.96.

Even as DWAC was basking in its new-found status, the world discovered Phunware. Traders dug out an old article by USA Today and circulated it in social media. The May 2020 piece highlighted a partnership between Phunware and the Trump campaign of 2020.

According to that USA Today article, Phunware was associated with the Trump re-election campaign. Based on the article, the market speculated if Phunware would be the one developing Trump’s platform. There’s no final word on that, though.

Phunware soared as much as 1,471% in just Friday’s session before giving up some of the gains. It is still 194% higher than Thursday’s close of $1.53.

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

Trump has been off social media as both Facebook (NASDAQ:FB) and his then favorite, Twitter (NYSE:TWTR), banned him from their platforms for his alleged role in inciting the January 6 Capitol riot. Since then, the former president has been exploring ways to revive his social media presence, against a backdrop of reports that he will run again in 2024.

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