You are probably aware of all the excitement that was bursting on the /wsb meme scene last week regarding a certain former President forming a new media company by way of a SPAC, symbol DWAC. The move was sensational, sending the stock up to $175. Well, nothing has really changed in the past couple of days except the fever has evidently broken. And swiftly.
Equally tumultuous was the performance of an Austin-based company, Phunware, whose own stock went from the low single digits to nearly $20 virtually overnight, only to swiftly lost 75% of its value just as quickly. The volume was equally eye-popping, going from one or two million shares a day to nearly 700 million on the DWAC/PHUN meme mania day last week.
A longer-term view of PHUN shows that it has quite plainly been a garbage stock for years and years. A moment of silence, if you please, for all the 19 year olds with Robinhood accounts that got caught up in this nonsense.