SPACtacular Bullsh*t.
Inside Trump’s Multi-Billion Dollar Sham.
He did it again. The Donald pulled off yet another miracle by taking his (failing) social media platform public. The deal had been in the works for a while and looked DOA last year. But it was revived recently and when it hit the Nasdaq this week it added billions to Trump's net worth and gave him an immediate cash infusion that will likely prevent him having to sell assets to make the (reduced) bond in his civil fraud case. The wealthy in this country truly operate under different rules. The mechanism Trump used to take a losing company public quickly and with relative ease compared to normal IPOs is called a SPAC, or Special Purpose Acquisition Company. SPACs gained a lot of attention a few years back before basically imploding as regulators frowned upon them and investments fizzled. As quickly as they gained prominence, they flamed out and were basically revealed to be scams. But it didn't stop the biggest SCAM artist in the world from packaging up his SCAM social media platform inside a SCAM financial vehicle. God bless 'Murica.
Show Notes
Clips
Episode Timestamp + Link | Clip Link
- 00:04:07 | Inside Edition: Donald Trump's Truth Social Stock Soars on 1st Day Trading
- 00:04:16 | CBS News: What to know about Trump Media's stock market debut
- 00:04:30 | Bloomberg Television: Trump's SPAC Soars at Open of Trading
- 00:05:28 | Childish Gambino: This Is America
- 00:11:13 | 12NewsNow: Former President Trump is selling $59.99 Bibles as he faces mounting legal bills
Resources
- New York Times: Why Only One Top Banker Went to Jail for the Financial Crisis
- Morningstar: How to Lose Money: Buy Digital World Acquisition Corp.
- SPACInsider: Benessere Capital Acquisition Corp. (BENE) to Liquidate Trust
- SPAC Insider: Executive Drama at Digital World Acquisition Corp. (DWAC) Provides New Source of Risk
- Financial Review: Meet the Brazilian ‘prince’, Luiz Philippe de Orléans e Braganza, backing Donald Trump’s media venture
- Investment Adviser Public Disclosure: Brian C. Shevland
- CBS News: Trump's Truth Social is losing money and has scant sales. Yet it could trade at a $5 billion value.
- Mizuho Insights: The SPAC Roller Coaster – Is a Renaissance Coming?
- Fast Company: DWAC says Truth Social won't be profitable 'for the foreseeable future' as investors eye risky SPAC merger
- Bloomberg Law: SEC Imposes New Rules on Blank-Check Deals as SPACs Fizzle (3)
- US News: What Is a SPAC? 6 Best SPACs to Invest In
- Yahoo Finance: Chamath Palihapitiya’s Crumbling SPAC Empire: Where His Top 5 Deals Are Today
- Casetext: Shevland v. Orlando, 629 F. Supp. 3d 1252
Image Source
- Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0, via Wikimedia Commons. Changes were made.
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