PHUN - Why Digital World Acquisition and Phunware Shares Are Sinking Today
After posting explosive gains yesterday, shares of Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN) are giving up ground in Wednesday's trading. The two Trump-affiliated stocks have frequently been trading in tandem lately and had slipped roughly 6% and 9.2%, respectively, as of 2 p.m. ET today.
With excitement building around Trump Media & Technology Group's upcoming Truth Social media platform and a recent rally held by the former president potentially pointing to another presidential campaign in 2024, Digital World Acquisition and Phunware surged on Tuesday. There doesn't appear to be any company-specific news behind the pullback for either stock today, so it's likely that the sell-off stems from investors taking profits after bullish momentum.
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Why Digital World Acquisition and Phunware Shares Are Sinking Today