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Trump’s “Truth” SPAC Is Now Up 1500%, PHUN Spikes 1000%

Courtesy of ZeroHedge View original post here.

Update (1000ET): Having been halted for 30 minutes, DWAC just reopened at $175 and immediately dropped to be halted again (15 seconds later)…

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Update (0930ET): As US cash markets open, DWAV has just topped $130… for a 1200% gain from before yesterday’s announcement…

DWAC was halted for upside volatility 41 seconds after the open.

What next?

Additionally, shares of Phunware Inc. (PHUN) surged more than 1000% Friday morning. Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump’s 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal.

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Special purpose acquisition company (SPAC) Digital World Acquisition Corp. (ticker: DWAC), is continuing to charge higher this morning in pre-open trading, topping $80.

An astonishing half a billion shares changed hands during regular hours on Thursday. That’s around 17 times the number available.

The holding company for Trump Media & Technology Group – which is creating a new social media platform called “TRUTH Social” – is up over 700% since its announcement before yesterday’s open.

But not everyone who was in early participated in the dramatic run-up.

Saba Capital sold holdings in Digital World Acquisition in the first hours of trading Thursday for a small profit, the New York Times’s DealBook reports, citing a statement from Boaz Weinstein.

“I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done. Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call,” Weinstein said in a statement, according to the NYT.

It appears the “TRUTH” set Boaz free from big returns… Freedom of speech is apparently just too terrifying to invest in. Or is this another example of ‘get woke, go broke’?

WallStreetBets has seen a surge in interest in the SPAC…

Finally, we note that DWAC would have to reach $1,739 to be as large as Twitter… food for thought for analyst price targets.


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