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- Churchill Capital Corp IV rose 17% on Friday after Barstool Sports founder Dave Portnoy tweeted that he bought the shares.
- The EV maker has had a volatile week, with shares down 52% since announcing its planned merger with Lucid Motors.
- “I had a billion people telling me that $ CCIV was the button to go today. I bought it. I’m probably going to be killed,” tweeted Portnoy.
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Churchill Capital Corp IV shares soared on Friday after Barstool Sports founder Dave Portnoy tweeted that he bought the shares.
“I had a billion people telling me that $ CCIV was the start button today. I bought it. I’m probably going to be killed. Listen, here’s the problem. So you’re the sucker,” Portnoy tweeted at 9:17 am
Chuchill’s shares skyrocketed at the opening of normal trading hours, up 17% before reducing those gains. On Friday afternoon, the shares of the special acquisition company rose 8%.
Churchill investors suffered a volatile week after the company announced its highly anticipated merger with Lucid Motors. The shares have plunged more than 50% since the company formally announced its planned merger with the electric vehicle developer.
Concerns about the valuation weighed heavily on investors after the announced deal, with the shares briefly trading at a 100% premium over the $ 24 billion implied equity value of the announced deal.
From criticizing Warren Buffett’s decision to sell airline shares in the midst of the pandemic until his recent interview with Robinhood CEO Vlad Tenev, Portnoy made waves in the investment world by periodically transmitting the movements he is making to his millions of followers. in the stock market.
