(Reuters) – Shares in Digital World Acquisition Corp, the blank-check company that plans to publicly list former U.S. President Donald Trump‘s new social media venture, were on track for their second straight day of losses on Tuesday after a staggering rally last week.
The stock was last down 17.7% at $69.00 with trading ranging between $65.37 and $91.35 so far in the session. Its shares gained more than 800% last week.
The shares had closed down just under 11% on Monday, the day short-seller Iceberg Research said it was betting against the company.
On Friday the stock rose 107% to $94.20 after hitting a session high of $175. On Thursday it had risen 356.8% with some market specialists likening trading in DWAC to a meme-stock trading frenzy earlier this year.
Other stocks linked to the former Republican president also tumbled on Tuesday. Shares of Phunware, a company hired by Trump’s 2020 Presidential reelection campaign to build a phone app, were recently down 31.7% at 4.89 after it filed for a $48.5 mln at-the-market (ATM) equity program.
The stock on Friday soared nearly 1,500% to $24.04 before finishing session up 471% at $8.74.
(Reporting By Sinad Carew; Editing by Ira Iosebashvili and David Gregorio)
