Phunware stock surges over 800% early Friday as a Trump SPAC heads for a 1,224% weekly gain

Shares of Phunware Inc. PHUN, +1099.35% surged much than 800% Friday morning, arsenic special-purpose acquisition company, oregon SPAC, Digital World Acquisition Corp. DWAC, +216.48%, was merging with 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 appearted to beryllium getting a assistance from the DWAC SPAC deal, which is the erstwhile president's effort to motorboat a social-media platform. Meanwhile, shares of DWAC were up 190% connected Friday, contributing to a 1,224% play summation for the entity. Trump announced that helium has decided to upend Silicon Valley via a caller app called TRUTH Social, which volition beryllium a spot of his recently formed social-media company, Trump Media & Technology Group. Digital World closed up 356.8% connected Thursday, marking the champion archetypal time of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's marketplace worth is lone $116 million, FactSet information show, adjacent with the surge successful its banal connected Friday.