MAGA-Linked Stocks Plunge 90% from 2022 Peaks, Phunware Among Top Decliners
Phunware Inc., the money-losing software firm behind Trump’s 2020 campaign app, has fallen sharply alongside other MAGA-linked stocks. The cohort has plunged about 90% from early-2022 peaks after collectively losing hundreds of millions and seeing just $3.7 million in annual revenue at Trump Media.
1. Sector Decline and Share Performance
MAGA-linked equities have collapsed roughly 90% from their early-2022 highs as investor enthusiasm waned. Shares of Trump Media dipped below $10 after peaking near $97, while Phunware and peers saw similarly sharp drops reflecting eroded market confidence.
2. Phunware’s Financial Position
Phunware remains unprofitable after designing the mobile app for Trump’s 2020 campaign, contributing to sustained operating losses. Despite its high-profile association, the company has yet to report profitable quarters or significant revenue growth tied to MAGA projects.
3. Investor Implications and Outlook
The dramatic sell-off underscores the risks of politically linked ventures, leaving investors wary of further declines. Phunware will need to diversify its client base and secure new profitable contracts to rebuild valuation and investor trust.