What happened Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN) skyrocketed on Friday, as excitement for former President Donald Trump's new media company continued to build among investors. By the close of trading, shares of Digital World Acquisition and Phunware were up 107% and 471%, respectively, after rising as much as 285% and 1,471% earlier in the day. So what On Wednesday, Digital World Acquisition announced a deal to merge with Trump Media & Technology Group. The combined company intends to launch a new social network to compete with the likes of Facebook and Twitter. "I created Truth Social and TMTG to stand up to the tyranny of Big Tech," Trump said in a press release. The news sent Digital World Acquisition's share price into the stratosphere on Thursday, and investors bid up its stock again on Friday. Image source: Getty Images. The news also appeared to spark investors' interest in Phunware. The advertising software company reportedly worked with Trump's re-election campaign to develop mobile apps. Traders appear to be betting that Phunware could play a role in the creation of Trump's new social network, though there have been no reports of a partnership between Phunware and Digital World Acquisition. Now what The speculative mania that's surrounded Trump's latest business deal has generated fortunes for people who bought shares of Digital World Acquisition or Phunware shortly after the merger was announced. However, investors buying today are paying a steep premium to where these stocks were trading just a few days ago -- and thus are taking on significantly more risk. 10 stocks we like better than Digital World Acquisition Corp.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Digital World Acquisition Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2021 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Facebook and Twitter. The Motley Fool has a disclosure policy.Source