Later, trading in the shares was suspended. It increased by 1,000% once it was restarted.
In less than an hour of trading on Nasdaq, more than 197 million shares of the business changed hands.
According to that USA Today article, Phunware announced a partnership with American Made Media Consultants for “the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple iOS and Google Android smartphones.”
The speculation has its roots in a USA Today article from May 2020 highlighting a partnership between Phunware and the Trump campaign of 2020. The piece was circulated by traders today.
Phunware stock defied all expectations on Friday, rising 1,468 percent on reports that the business is being considered for the development of former US President Donald Trump’s proposed social media platform.
During the session, the stock reached a high of $24.04. On Thursday, it had finished at $1.53.
Phunware operates a platform for mobile that provides companies products, solutions and data and services necessary to engage and make money off of its mobile application consumer base.
Phunware is the second stock to have climbed stratospheric proportions this week because of an association with Trump. The stock of a special purpose acquisition company called Digital World Acquisition is skyrocketing for the second-straight day after it announced it would merge with a company that is going to manage Trump’s proposed social media site.
The deal aims to set up an alternative media platform as Trump claims the current offerings are against him. Trump has been off social media since Facebook (NASDAQ:FB) and his then favorite, Twitter (NYSE:TWTR), banned him after the January 6 Capitol riot. Since then, Trump has been exploring ways to restore his once-sizable social media presence.