Shares tumble in blank-check company linked to Trump social venture

1 min


163
102 shares, 163 points

Former U.S. President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, U.S., October 9, 2021. REUTERS/Rachel Mummey

Oct 26 (Reuters) – Shares in Digital World Acquisition Corp (DWAC.O), the blank-check company that plans to publicly list former U.S. President Donald Trump’s new social media venture, were on track for their second straight day of losses on Tuesday after a staggering rally last week.

The stock was last down 17.7% at $69.00 with trading ranging between $65.37 and $91.35 so far in the session. Its shares gained more than 800% last week. read more

The shares had closed down just under 11% on Monday, the day short-seller Iceberg Research said it was betting against the company. read more

On Friday the stock rose 107% to $94.20 after hitting a session high of $175. On Thursday it had risen 356.8% with some market specialists likening trading in DWAC to a meme-stock trading frenzy earlier this year. read more

Other stocks linked to the former Republican president also tumbled on Tuesday. Shares of Phunware (PHUN.O), a company hired by Trump’s 2020 Presidential reelection campaign to build a phone app, were recently down 31.7% at 4.89 after it filed for a $48.5 mln at-the-market (ATM) equity program.

The stock on Friday soared nearly 1,500% to $24.04 before finishing session up 471% at $8.74.

Reporting By Sinéad Carew; Editing by Ira Iosebashvili and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

Source: Reuters


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163
102 shares, 163 points

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