Phunware Pulls Back 30%+ as 'Trump Stocks' Ease Even as Ex-President All But Locks Up Nomination
$Phunware(PHUN.US$ sank more than 30% Wednesday as so-called “Trump Stocks” consolidated big recent gains, pulling back even as former President Donald Trump all but locked up the 2024 Republican nomination.
PHUN -- a software and blockchain company that provided Trump's 2020 presidential company with data to help target ads – shed 30.2% to end at $10.27, partly reversing a 107.9% gain that the stock saw in just two sessions.
Phunware had gained ground as Trump seemed to close in on the GOP nomination by winning all but one of Tuesday's 15 “Super Tuesday” primaries or caucuses.
His last major rival, former South Carolina Gov. Nikki Haley, dropped out of the race Wednesday morning, essentially assuring that Trump gets the Republican nod.
PHUN and other “Trump Stocks” have served in recent years as a proxy for Trump's 2024 campaign fortunes.
Other Trump Stocks include $Digital World Acquisition Corp(DWAC.US$ – a special purpose acquisition comp any that aims to soon merge with the former president's Trump Media & Technology Group – and $Rumble(RUM.US$, a video platform many consider a conservative alternative to YouTube.
DWAC eased 13.6% Wednesday after rising 19.4% over the past two sessions, while RUM shed 4.4% after gaining 14.8% on Monday.
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