Unf*cking The Republic 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.
Chapters
Intro: 00:00:38
Chapter One: 00:07:01
Chapter Two: 00:17:57
Chapter Three: 00:26:44
Post Show Musings: 00:26:$4
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
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