Digital World Acquisition is the special purpose acquisition company (SPAC) merging with prior President Donald Trump’s social media company to take it public. DWAC stock is rising today on reports it will raise $1 billion in funding for that SPAC merger.
So what does Phunware have to do with this? Technically, nothing. The company is tied to Donald Trump after participating in his reelection attempt last year. However, there are no definitive ties between it and Digital World Acquisition.
Even so, investors seem to see a connection as the price of PHUN stock has been rising and falling in sympathy with DWAC stock since the SPAC merger was announced. Also helping with that is the cheap price of PHUN shares, which makes them easy for retail traders to manipulate.
While not tied to the Digital World Acquisition SPAC merger, Phunware has been in the news for its own actions recently. That includes the company releasing its own crypto token called PhunCoin.
Phunware getting into the crypto token game isn’t all that surprising. The company already has strong ties to the crypto market. That includes selling crypto miners through a subsidiary, as well as having a sizable hoard of Bitcoin (CCC:BTC-USD) to its name.
PHUN stock is up 11.7% and DWAC stock is up 6.5% as of Thursday morning.
Investors on the lookout for more recent stock and crypto news are in luck!
InvestorPlace has them covered with our daily coverage of those spaces. A few examples include this morning’s biggest pre-market stock movers, a dive into Shiba Inu (CCC:SHIB-USD), as well as the latest on Marathon Digital (NASDAQ:MARA). You can find all of that news below!
More Stock & Crypto News for Thursday
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Shiba Inu Is an Experiment in Democracy That’s Rarely Worked Well
- MARA Stock Falls Flat Despite Expanding Key Bitcoin Mining Partnership
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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