'Trump Stocks' DWAC and Rumble Rise on Supreme Court Win; Phunware Gains Nearly 140% Intraday

PHUN – which helps companies monetize their online presence and worked on Trump's 2020 campaign – rose as much as 138.6% to $16.89 after justices unanimously overruled a Colorado court decision that blocked Trump from running in that state.

The Supreme Court ruled that the Centennial State erred in deciding that Trump’s actions during the Jan. 6, 2021, riot at the U.S. Capitol building put him at odds with the U.S. Constitution's 14th Amendment.

Passed after the 1861-1865 U.S. Civil War, part of the amendment prohibits those engaged in “insurrection” from becoming "officers" of the United States.

Some argue that Trump engaged in insurrection by egging his supporters on to stop the U.S. Congress from certifying Joe Biden's 2020 election victory, but the high court argued that individual states can't decide who goes on presidential ballots. Illinois and Maine had also blocked Trump from their presidential ballots under the 14th Amendment, but Monday's ruling likely applies to those states as well.

Markets have long treated Phunware as a proxy for the popularity of Trump and conservative causes. The stock peaked a split-adjusted $27,500 in January 2019, but fell to as low as $3.50 intraday on Dec. 13.

However, PHUN underwent a 1-to-50 reverse stock split recently and has risen some 300% in the less than three months since shares bottomed out.