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%.
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.
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