NYSE:CCIV has quickly become the hottest new SPAC or Special Purpose Acquisition Company on the market as social media platforms such as Twitter (NYSE:TWTR) and Reddit have added to its momentum. On Monday the stock added an impressive 10.14% to close the trading session at $25.20, and then continued to rise after hours, adding a further 10% to the price. It is somewhat unusual behaviour for a SPAC stock as, usually, this sort of movement comes either after the merger has been announced or right before the merger date. As we have seen this past week, the power of social media can heavily influence the price and performance of a given stock.
That social media influence seems to believe that Churchill Capital Corp IV is set to merge with the luxury electric vehicle maker Lucid Motors. The California-based company is thought of by many to be a Tesla (NASDAQ:TSLA) disruptor, with its first sedan called the Lucid Air, nearing production. The Air is rumoured to have over 1000 hp as well as a battery range of 517 miles per charge. Lucid is well known for being heavily invested in by the Public Investment Fund of Saudi Arabia, which has funded the company with well over $1 billion so far.
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