Shares tumble in blank-check company linked to Trump social venture

FILE PHOTO: Former U.S. President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, U.S., October 9, 2021. REUTERS/Rachel Mummey

(Reuters) - Shares in Digital World Acquisition Corp, the blank-check company that plans to publicly list former U.S. President Donald Trump's new social media venture, were on track for their second straight day of losses on Tuesday after a staggering rally last week.

The stock was last down 17.7% at $69.00 with trading ranging between $65.37 and $91.35 so far in the session. Its shares gained more than 800% last week.

The shares had closed down just under 11% on Monday, the day short-seller Iceberg Research said it was betting against the company.

On Friday the stock rose 107% to $94.20 after hitting a session high of $175. On Thursday it had risen 356.8% with some market specialists likening trading in DWAC to a meme-stock trading frenzy earlier this year.

Other stocks linked to the former Republican president also tumbled on Tuesday. Shares of Phunware, a company hired by Trump's 2020 Presidential reelection campaign to build a phone app, were recently down 31.7% at 4.89 after it filed for a $48.5 mln at-the-market (ATM) equity program.

The stock on Friday soared nearly 1,500% to $24.04 before finishing session up 471% at $8.74.

(Reporting By Sinéad Carew; Editing by Ira Iosebashvili and David Gregorio)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

US infrastructure law has a mandate for tech to stop drunken drivers
People isolated by long Covid find hope and connection through social media
Qualcomm dives into handheld gaming, powering new device in partnership with Razer
Bitcoin falls 9.2% to $48,782
Bitcoin falls 8.4% to $49,228.82
Bitcoin tumbles 9.95% to $48,397.56
Did the cybersecurity stakes get even higher in 2021?
If you’re mailed a random CD, don’t put it in your computer. Here’s why
Bitcoin extends downtrend, falls 12.1% to $47,176
Instagram launches new parental guidelines after whistleblower leak

Others Also Read