John McAfee has been named CEO of MGT Technologies, a small tech firm with investments in daily fantasy and mobile games, and now the stock is soaring.
According to a release from the company, the firm has acquired the antispying software D-Vasive, which prevents apps from activating parts of devices they are installed on.
In conjunction with this acquisiti
on, the company appointed McAfee, the founder of the cybersecurity company of the same name who is now a Libertarian Party presidential candidate, to chairman and CEO.
The firm will be rebranded as John McAfee Global Technologies Inc.
Shares of the company jumped by more than 110% in premarket trade on Monday morning after the news, but have since pared their gains and are up over 30% for the day as of 10:40 a.m. ET.
"D-Vasive offers a powerful tool for protection from the proliferation of invasive apps by consumer products companies, social networks, financial institutions, and others," the release said. "These invasive apps can secretly turn on a phone's microphone and camera as well as monitor geographic movements and access contacts."
"The enormous impact of cybersecurity on our lives requires the scale and resources of a public company," McAfee said in the release. "Our ability to continue to hire the best minds in the business will be vastly enhanced with a public platform.
"With the acquisition of D-Vasive technology as a starting point, we expect to grow MGT into a successful and major force in the space."
When asked by Business Insider via email whether the move would affect his run for president, McAfee said: "Not at all."
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