Shares of Phunware Inc.
PHUN,
+1099.35%

surged more than 1,000% early Friday, as special-purpose acquisition company, or SPAC, Digital World Acquisition Corp.
DWAC,
+115.41%
,
was merging with Trump Media & Technology Group. Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump’s 2020 presidential campaign, and appearted to be getting a lift from the DWAC SPAC deal, which is the former president’s attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he has decided to upend Silicon Valley via a new app called TRUTH Social, which will be a property of his newly formed social-media company, Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware’s market value is only $116 million, FactSet data show, even with the surge in its stock on Friday.

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By James Carter

A Senior writer & Editor, James is a postgraduate in biotechnology and has an immense interest in following news developments. Quiet by nature, he is an avid Lacrosse player. He is responsible for handling the office staff writers and providing them with the latest updates happenings in the world. He writes for almost all sections of Editorials 24.