Why Trump is getting in on the SPAC boom
This weekend, Donald Trump announced that his nascent digital-media company, Trump Media & Technology Group, had secured $1 billion in investment from various unnamed sources, as part of an effort to become publicly traded. Shortly after, it was revealed that Representative Devin Nunes was set to leave Congress to become the firm’s CEO. The announcement comes three months after the special-purpose acquisition company called Digital World Acquisition Corporation listed publicly to little fanfare. The SPAC, sponsored by Miami-based financier Patrick Orlando, joined more than 400 other “blank-check” companies that raised money in the first three quarters of 2021.
