Trump SPAC DWAC soars 60%+, Phunware rallies as ex-prez hints he’ll run again


Scott Olson/Getty Images News

Update 4:15pm: Updates with closing share price.

Trump SPAC Digital World Acquisition (NASDAQ:DWAC),which is taking Trump’s social media company and Truth Social app public, jumped 67% after the former president suggested Sunday that he may run again in 2024.

“I will probably have to do it again,” Trump said about an another bid for president in 2024 “but stay tuned.” Trump made at the comments at a rally in Florida on Sunday according to media accounts, including the New York Times.

An Axios report on Friday said that Trump’s “inner circle” is said to considering the launch of his 2024 campaign next Monday.

Phunware Inc. (NASDAQ:PHUN), a software company that was previously tied to Trump’s 2020 presidential campaign, climbed 38%.

Digital World shares have plunged 82% this year from reaching highs in early March through Friday as the social media company has been involved in regulatory probes and amid potential competition from a Twitter (TWTR) run by Elon Musk, who has previously said he would allow Trump back on the platform.

Recall Phunware (PHUN) shares skyrocketed 470% on Oct. 22 of last year after SPAC Digital World (DWAC) announced its agreement to take Trump’s social media company public.

Digital World (DWAC) rose to levels not see since late August on volume of 31.4 million shares, 2,600x its normal average.

On Thursday DWAC again adjourned a holder vote on an extension for its deal to take Trump’s social media company public as it works to get more holder votes. The meeting was adjourned until Nov. 22.

DWAC has an additional lifeline to survive after SPAC’s sponsor deposited $2.88 million earlier this year to extend the time company needs to complete its deal by three months until Dec. 8. DWAC has warned previously that if the deal isn’t extended, the SPAC may be forced to liquidate.