RTTNews | Oct 22, 2021 10:22AM EDT

10:22 Friday, October 22, 2021 (RTTNews.com) - Shares of Phunware Inc. (PHUN, PHUNW) have skyrocketed on Friday morning. The stock seems to be driven by the news that special-purpose acquisition company Digital World Acquisition Corp. (DWAC) is merging with former U.S. President Donald Trump's Trump Media & Technology Group.

Austin-based Phunware is an advertising startup that has been associated with Trump's 2020 presidential campaign. Trump Media is planning to launch a social media app called TRUTH Social, which is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022.

PHUN is currently trading at $19.39, up $17.86 or 1,167.32%, on the Nasdaq, on a volume of nearly 198 million shares, compared to average volume of mere 3 million shares. On Nasdaq Capital Market, PHUNW is trading at $13.23, up $12.73 or 2,546.00%.

Meanwhile, shares of DWAC are currently up 170% on Friday, contributing to a 1,224% weekly surge for the company.

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