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

Published: Oct. 22, 2021 astatine 10:10 a.m. ET

Shares of Phunware Inc. surged much than 1,000% aboriginal Friday, arsenic a special-purpose acquisition company, oregon SPAC, called Digital World Acquisition Corp. , 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...