Trump SPAC drops 10% after huge gains on social media merger news
stock was up only slightly in price earlier Monday, trading about 4% higher on the day before pulling back to hover back and forth on either side of the "unchanged" level at around $94 per share.That pace was a major change from last week, when DWAC shares skyrocketed from $9.96 apiece at Wednesday's close to $94.20 per share Friday — a whopping 845% rally in two days.As of early afternoon Monday, more than 55 million shares of DWAC had changed hands, according to FactSet.
DWAC that day was the most traded name on the consolidated tape of New York Stock Exchange and Nasdaq listings, by far. In another sign that the Trump-fueled craze had died down, or at least moderated a bit, the share price of the advertising software startupPhunware, which was involved with Trump's 2020 reelection campaign, saw a 470% surge in price on Friday.
There is no indication that DWAC and Phunware have a business relationship. But Phunware's rise last week coincided with the spike in the SPAC's stock.
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