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Shares tumble in blank-check firm linked to Trump social enterprise

Oct 26 (Reuters) – Shares in Digital World Acquisition Corp (DWAC.O), the blank-check firm that plans to publicly record former U.S. President Donald Trump’s new social media enterprise, have been on monitor for his or her second straight day of losses on Tuesday after a staggering rally final week.

The inventory was final down 17.7% at $69.00 with buying and selling ranging between $65.37 and $91.35 thus far within the session. Its shares gained greater than 800% final week. learn extra

The shares had closed down slightly below 11% on Monday, the day short-seller Iceberg Research stated it was betting in opposition to the corporate. learn extra

On Friday the inventory rose 107% to $94.20 after hitting a session excessive of $175. On Thursday it had risen 356.8% with some market specialists likening buying and selling in DWAC to a meme-stock buying and selling frenzy earlier this yr. learn extra

Other shares linked to the previous Republican president additionally tumbled on Tuesday. Shares of Phunware (PHUN.O), an organization employed by Trump’s 2020 Presidential reelection marketing campaign to construct a telephone app, have been just lately down 31.7% at 4.89 after it filed for a $48.5 mln at-the-market (ATM) fairness program.

The inventory on Friday soared almost 1,500% to $24.04 earlier than ending session up 471% at $8.74.

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

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