The Daily The Newest Tech Start-Up Billionaire? Donald Trump
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Mar 28, 2024 
Matthew Goldstein, a New York Times business reporter, shares insights on the unexpected valuation surge of Donald Trump's social media venture, Truth Social, now worth billions. He discusses how it transformed from a perceived failure to a successful publicly traded company, using a SPAC for its financial maneuvers. Goldstein also highlights the unwavering loyalty of Trump supporters and the intertwining of personal investment in his vision, alongside the implications of such financial dynamics in today's volatile market.
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Truth Social's Origin
- Trump's social media venture, Truth Social, originated after he was banned from Twitter.
- Two former Apprentice contestants pitched the idea to him in January 2021.
The Apprentice Contestants' Pitch
- Andy Latinsky and Wes Moss, former Apprentice contestants, proposed creating a new platform for Trump.
- Trump was intrigued but hesitant, initially only lending his name to the venture.
SPAC Merger Strategy
- Due to Trump's perceived toxicity, traditional funding was difficult.
- The team decided to merge with a SPAC, which provided access to capital and public listing.