Why Digital World Acquisition and Phunware Shares Are Sinking Today

After posting explosive gains yesterday, shares of Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN) are giving up ground in Wednesday's trading. With excitement building around Trump Media & Technology Group's upcoming Truth Social media platform and a recent rally held by the former president potentially pointing to another presidential campaign in 2024, Digital World Acquisition and Phunware surged on Tuesday. Digital World Acquisition is a special purpose acquisition company (SPAC) that's on track to take Trump Media & Technology Group public through a merger, and Phunware is being eyed by investors as a potential software service provider for Truth Social or another White House bid.