As it has become clear in the past week, social media can heavily influence the price of a stock when used correctly. That seems to be the case with Churchill Capital Corp IV (NYSE: CCIV) as it has quickly become the next new Special Purpose Acquisition Company (SPAC) on the market. Social media platforms like Twitter and Reddit have helped add fuel to this fire much like what we saw recently with GameStop.
Churchill Capital Corp IV (NYSE: CCIV) was trading at over 10% pre-market on Monday morning to close the trading session at $25.20. The rise continued into the evening adding another 10% to its price. The rally over the stock appears to be rumors surrounding that a merger with Lucid Motors is in the near future.
Typically, the movement seen within CCIV wouldn’t happen until after a merger has been announced. However, when looking at a recent tweet from Lucid Motors showcasing a Yosemite National Park-themed wrap, you’ll see the comment section flooded with eager users boasting their recent CCIV buy in and asking the EV startup to announce the merger details already, showing how powerful social media truly is.
Lucid Motors is currently rounding the corner to produce its all-electric luxury sedan, the Lucid Air. The luxury sedan is thought to be huge competition for electric vehicle leader, Tesla. Apparently with social media influence, some seem to believe that a Churchill Capital Corp IV and Lucid Motors merge is imminent and have taken stake in CCIV before it has even been confirmed. However, we feel it important to note that Lucid Motors Chairman, Andrew Liver is an operating partner at Churchill Capital IV, making the reality of the merger even more likely.
The Lucid Air is available to reserve now with a starting price of $77,400 – or $69,900 after the US Federal Tax Credit of $7,500 – with a reservation fee of just $300. For this, customers can expect 480 horsepower and a projected EPA estimated range of 406 miles on a single charge.