Posted on 10/22/2021 10:36:37 AM PDT by redguyinabluestate
Phunware stock (NASDAQ:PHUN) was defying all conventions Friday as it rose 1,468% on speculation that the company is being tapped to build former U.S. President Donald Trump’s proposed social media platform.
Trading in the stock was halted later. It jumped 1,000% after it resumed.
The stock touched a high of $24.04 during the session. It had closed at $1.53 Thursday.
More than 197 million shares of the company changed hands on Nasdaq in less than an hour of trading.
The speculation has its roots in a USA Today article from May 2020 highlighting a partnership between Phunware and the Trump campaign of 2020. The piece was circulated by traders today.
According to that USA Today article, Phunware announced a partnership with American Made Media Consultants for "the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple (NASDAQ:AAPL) iOS and Google (NASDAQ:GOOGL) Android smartphones."
Phunware operates a platform for mobile that provides companies products, solutions and data and services necessary to engage and make money off of its mobile application consumer base.
Phunware is the second stock to have climbed stratospheric proportions this week because of an association with Trump. The stock of a special purpose acquisition company called Digital World Acquisition (NASDAQ:DWAC) is skyrocketing for the second-straight day after it announced it would merge with a company that is going to manage Trump's proposed social media site.
(Excerpt) Read more at finance.yahoo.com ...
I like the name of that equity; PHUNware.
Seems like a lot of people want to invest in sticking it to big social media.
I hope the Apes got in at the bottom and hold. They are pretty good at researching good stocks.
Check out Digital World Acquisition Corp. (DWAC)...
I wonder how much Pelosi has invested
“Phunware is the second stock to have climbed stratospheric proportions this week because of an association with Trump.”
And there you have it.
I might have to check those companies out...
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