Churchill Capital Corp. IV spikes up to 17% after Barstool Sports founder Dave Portnoy says he bought the stock
- Churchill Capital Corp IV spiked up to 17% on Friday after Barstool Sports founder Dave Portnoy tweeted that he bought the stock.
- The EV maker has had a volatile week, with shares down 52% since it announced its planned merger with Lucid Motors.
- "I had a billion people tell me $CCIV was the go button today. I bought it. I'll prob get killed," Portnoy tweeted.
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Shares of Churchill Capital Corp IV soared on Friday after Barstool Sports founder Dave Portnoy tweeted that he bought the stock.
"I had a billion people tell me $CCIV was the go button today. I bought it. I'll prob get killed. Listen, here's the thing. If you can't spot the sucker in the first half hour at the table, then you are the sucker," Portnoy tweeted at 9:17 a.m.
Chuchill stock quickly spiked at the open of regular-hours trading, up as much as 17% before paring those gains. As of Friday afternoon, shares of the special acquisition company were up 8%.
Investors in Churchill have suffered a volatile week after the company announced its highly anticipated merger with Lucid Motors. Shares tanked more than 50% since the company formally announced its planned merger with the electric vehicle developer.
Valuation concerns have largely weighed on investors following the announced deal, with shares briefly trading at a 100% premium to the implied $24 billion equity value of the announced deal.
From criticizing Warren Buffett's decision to sell airline stocks amid the pandemic, to hisrecent interview with Robinhood CEO Vlad Tenev, Portnoy has made waves in the investment world as he periodically broadcasts to his millions of followers the moves he is making in the stock market.
