(Reuters) – Shares in a handful of companies associated with former US President Donald Trump rose on Monday premarket after his social media venture announced it had raised $1 billion from a small group of unidentified investors.

Digital World Acquisition Corp, the blank-check acquisition firm that plans to take Trump Media & Technology Group Corp public, rose more than 9%.

Phunware rose 2%, and CF Acquisition Corp VI jumped 21%.

Trump had Phunware hired to create a mobile app for his 2020 Presidential reelection campaign. SPAC CF Acquisition Corp VI has recently revealed plans to list Canadian video site Rumble Inc.

The hype around Digital World’s merger with Trump Media & Technology Group in October sent Phunware and Remark Holdings in a rally that market specialists have compared to this year’s meme-stock frenzy, when individual investors piled into stocks such as GameStop (NYSE:), spurring bouts of intense volatility.

It seems like the market has a lot of money for speculating. What will they do with all that cash in the billions? They will buy who? They could acquire anyone.” Thomas Hayes (Managing Member, Great Hill Capital LLC), New York.

“And that seems to have been a popular choice in the near term,”

Stocktwits.com had both Digital World as well as CF Acquisition in its top trending stocks. This highlights retail interest and demonstrates investor focus on the stock.

Rick Meckler of Cherry Lane Investments, New Vernon, New Jersey, stated that there is no fundamental analysis you can do on these stocks. “They are driven often by chatroom-related movements.”

Trump Media & Technology Group Corp said on Saturday it had entered into agreements to raise about $1 billion through a private investment in public equity (PIPE) transaction from “a diverse group of institutional investors”, as it prepares to float in the U.S. stock market.