Trump's SPAC Partner Emerges As Top WallStreetBets Interest; Facebook, Snapchat, Tesla And These Are Other Top Trends

Heading into a new trading week, Digital World Acquisition Corp. DWAC has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum, while Facebook Inc. FB, GameStop Corp. GME, Aurinia Pharmaceuticals Inc. AUPH and Tesla Inc. TSLA are also seeing high interest.

What Happened: Special purpose acquisition company (SPAC) Digital World Acquisition is seeing the highest interest on the forum as of Sunday night with 142 mentions as at press time, followed by exchange-traded fund SPDR S&P 500 ETF Trust SPY with 83 mentions, data from Quiver Quantitative showed.

Social media giant Facebook and videogame retailer GameStop are in the third and fourth positions, having attracted 57 and 40 mentions, respectively.

Apart from Aurinia Pharmaceuticals and electric vehicle maker Tesla, the other stocks trending on the forum include Phunware Inc. PHUN, Snapchat parent Snap Inc. SNAP, e-commerce giant Amazon.com Inc. AMZN and special purpose acquisition company Benessere Capital Acquisition Corp. BENE.

Patrick Orlando is the CEO of both Digital World Acquisition and Benessere Capital Acquisition.

See Also: EXCLUSIVE: Phunware COO Weighs In On Stock's Crazy Surge

Why It Matters: Digital World Acquisition is seeing high interest on the forum after the company on Thursday announced a merger with Trump Media & Technology Group that would launch former President Donald Trump’s own social media platform. The stock saw strong gains of 356.8% and 107.03% on Thursday and Friday, fueled by retail investors.

Facebook continues to be among the most-discussed stocks on the forum as the Mark Zuckerberg-led company is scheduled to report its third-quarter financial results on Monday.

Shares of biopharmaceutical company Aurinia Pharmaceuticals, which specializes in therapies for severe autoimmune diseases, surged 26.8% in Friday’s regular trading session after Bloomberg reported that New York-based Bristol-Myers Squibb Co. BMY has expressed interest in acquiring the company.

Price Action: Digital World Acquisition shares closed 107.0% higher in Friday’s regular trading session at $94.20, but fell almost 14.4% in the after-hours session to $80.65.

SPDR S&P 500 ETF Trust’s shares closed 0.1%  lower in the regular trading session at $453.12  and further fell almost 0.2% in the after-hours session to $452.25.

Facebook shares closed almost 5.1% lower in the regular trading session at $324.61 and further fell 0.1% in the after-hours session to $324.25.

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Photo: Courtesy of Gage Skidmore via Flickr