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The investment world is buzzing with anticipation over the upcoming acquisition of Oklo Inc. by AltC Acquisition Corp. (NYSE:ALCC), a special purpose acquisition company led by ChatGPT founder and tech luminary Sam Altman.
Reddit users on r/Wallstreetbetsnew and r/ALCCstock have been discussing the potential for a stock pop following the merger. Some users have compared the situation to the rapid rise of DJT stock after its merger.
“Sam Altman has ‘worshippers’ just like Donald Trump has his "cult"” – said Redditor Inferno__xz9 at r/Wallstreetbetsnew, comparing Altman’s cult-like following similar to that of Trump. “His name on this coupled with clean energy is rocket fuel,” the Redditor added.
With a special meeting of AltC stockholders scheduled for May 7, 2024, to approve the business combination, investors are wondering if this merger could result in a stock pop similar to what they saw with Trump Media & Technology Group Corp (NASDAQ:DJT) stock after its merger.
DWAC shareholders approved the DJT SPAC merger on March 22. The stock popped a whopping 79.32%, spiking from $36.94 on March 22 to $66.22 on March 27. However, the stock lost momentum over the next few days and had corrected 65.5% by April 16. DJT stock is currently down 36% from the March 27 high.
Reddit users see the merger between AltC and Oklo as highly likely, noting that it would be a surprise if the deal did not go through. The anticipation is fueled by several factors, including:
Moreover, Oklo has maintained strong business momentum since announcing its transaction with AltC. The company has signed letters of intent with Equinix Inc (NASDAQ:EQIX) and Diamondback Energy Inc (NASDAQ:FANG), and formed a partnership with Centrus Energy Corp. (AMEX:LEU) focused on the development and operation of Oklo's Aurora powerhouses. Additionally, the U.S. Department of Energy approved the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility.
Altman is a well-known figure in the tech and investment world. As the co-founder and CEO of AltC, and a member of both the AltC and Oklo boards, Altman brings a wealth of experience and a strong track record of success. Investors view his involvement in the merger as a positive sign, considering him to have the “golden thumb” when it comes to business success.
Another factor driving excitement around the merger is the focus on clean energy. Oklo is a fast fission clean power technology and nuclear fuel recycling company, with a mission to deliver clean, reliable, and affordable power. This focus on sustainability aligns with growing investor interest in clean energy companies, adding to the potential for a stock pop.
As the date of the special meeting approaches, all eyes will be on AltC stock to see how it performs. If approved and the market responds positively, we could see a stock pop similar to what DJT stock witnessed. However, as with any investment, there are risks involved, and investors should conduct their own due diligence before making any decisions.
Read Next: Sam Altman’s $7 Trillion AI Ambition: Is OpenAI’s CEO Stretching Too Far? Expert Weighs In
Photo: Shutterstock
