Churchill Capital Corp. IV climbs to 17% after Barstool Sports founder Dave Portnoy says he bought the stock

• Churchill Capital Corp IV climbed to 17% on Friday after Barstool Sports founder Dave Portnoy tweeted that he had bought the stock.
• The EV maker has had a volatile week, with shares down 52% since announcing its plans to merge with Lucid Motors.
• “I had a billion people tell me that $ CCIV was the start button today. I bought it. I’m probably going to 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 had bought the stock.

“I had a billion people tell me that $ CCIV was the start button today. I bought it. I’m probably going to get killed. Listen, here’s the trick. so you’re the sucker, ”Portnoy tweeted at 9:17 am.

Chuchill shares quickly climbed at the opening of normal trading hours, as high as 17% before reducing those gains. As of Friday afternoon, shares of the special acquisition company were up 8%.

Churchill investors suffered a volatile week after the company announced its long-awaited merger with Lucid Motors. Shares have fallen more than 50% since the company officially announced its plans to merge with the electric vehicle developer.

Valuation concerns weighed heavily on investors following the announced deal, with stocks briefly trading at a 100% premium to the $ 24 billion implied stock value of the announced deal. .

From criticism of Warren Buffett’s decision to sell airline shares amid the pandemic to his recent interview with Robinhood CEO Vlad Tenev, Portnoy has made waves in the investment world by periodically broadcasting to his millions of followers the movements he undertakes on the stock market.