A Trump-related frenzy has emerged on major Reddit forums lately. Shares of Digital World Acquisition (DWACU) - Get Free Report, Phunware (PHUN) - Get Free Report and Remark Holdings (MARK) - Get Free Report have climbed as high as 800% in a matter of only a few trading days.
The buzz around President Donald Trump's new media company, Trump Media & Technology Group, can be credited for the recent meme-style phenomenon.
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$DWAC - Digital World Acquisition
Digital World Acquisition is a SPAC (special purpose acquisition company) that IPO’d only a few days ago and does not have significant operations. DWAC was created with the sole purpose of buying other private companies.
DWAC’s involvement with Donald Trump is through the newly formed Trump Media & Technology Group. The former US President’s company is merging with DWAC and, among other things, plans to launch a social media platform called Truth Social.
The SPAC’s involvement with President Trump’s nascent media conglomerate dominated the conversations among retail investors in the last days. DWAC shares rose an astonishing 845% in the past 5 trading days, at last check.
$PHUN - Phunware, Inc.
Austin-based tech company Phunware is a former SPAC that has ties with President Trump. USA Today reported that the company worked with the Trump/Pence reelection campaign, which may have helped to push PHUN 2,000% higher in 2019. Now, speculators seem to be betting on another partnership, as PHUN gained almost 750% in the last 5 trading sessions, at last check.
The company provides integrated software platforms to manage and monetize mobile application portfolios. The possible involvement with DWAC and the Trump Media & Technology Group’s Truth Social caused a frenzy on Reddit, which is reflected in the stock chart below.
$MARK - Remark Holdings
Las Vegas-based Remark Holdings provides artificial intelligence solutions for businesses and software developers. The penny stock has been linked to Trump’s company following rumors on Reddit about a potential five-year contract signed with the President’s organization – Wall Street Memes’ warning: whether the story is accurate is a whole different story, and deserves high levels of skepticism.
Aside from MARK’s current meme status, the company has also made the news on other business developments lately. The company’s China AI subsidiary KanKan has just announced an improved AI-platform for campus administration schools in the country and firmed a $5 million contract to supply its AI-driven safety services to industrial construction sites.
Reddit-driven frenzy pushed MARK 235% higher in the past five trading days, at last check.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting Wall Street Memes)