US Election 2024: Trump-Linked Phunware Stock Slides After CFO Resigns Right Before Polls

Shares of Phunware Inc. ($PHUN) slid more than 10% in pre-market trading on Monday after the mobile-advertising company's CFO Troy Reisner announced his intention to step down between Nov. 15 and Nov. 30, according to an SEC filing. 

Phunware clarified that Reisner’s departure is not related to any disagreement over company policies or practices. 

Until a new CFO is hired, Interim CEO Stephen Chen and VP of Accounting, Brendhan Botkin, will handle CFO duties, the company said.

Phunware, known for its mobile app work on Donald Trump’s 2020 campaign, has undergone recent leadership changes. Last month, the stock dropped after CEO Mike Snavely retired. 

Following a notable 2023 rise, Phunware’s stock has been in a six-day decline after nearly doubling in October, partially on news of its new AI-powered SaaS platform launch.

This latest leadership shift comes just a day before the 2024 U.S. presidential election, with Trump challenging Democratic candidate Kamala Harris. 

Prediction markets have shown Trump’s election odds fluctuating, adding weight to the timing of Phunware’s recent volatility. 

Retail sentiment on Stocktwits remains active, with the company’s follower count rising over 4% in the past three months and message volume spiking 655%.  

PHUN was among the top 30 symbols with the most messages in the last 24 hours on Stocktwits.

One retail investor commented there was “something bigger” behind the resignation and fueled speculation about a potential restructuring. 

A bullish user, however, saw the development as interim CEO Chen “cleaning the house.”

Phunware’s Q3 earnings report is due Thursday, with analysts anticipating a narrower loss per share of $0.26, compared to a loss of $8 a year ago, and a revenue drop to $1.31M from $2.79M. 

Year-to-date, Phunware shares are up over 60%, trailing Trump Media’s ($DJT) 75% gain but outpacing Rumble Inc.’s ($RUM) 33% rise.

For updates and corrections email newsroom@stocktwits.com

Read next: Viking Therapeutics Stock Soars, Picks Up Retail Buzz On ‘Promising’ Early Results For Obesity Pill

Share

·

Add us on