Donald Trump’s new social media SPAC, explained
In his latest attempt to return to the social media spotlight, Donald Trump is now turning to a current darling of the startup world: the special purpose acquisition company, or SPAC.
Trump announced Wednesday night that he has a new company called Trump Media & Technology Group (TMTG) and that he would be merging this new company with a SPAC called Digital World Acquisition Company (DWAC). If completed, the deal would turn Trump’s new media company into one that’s publicly traded on the Nasdaq. And it would give TMTG enough money to get a new Twitter clone off the ground called “Truth.”
The surprise deal is already turning DWAC into a meme stock, and it raises a fair number of questions.
Wait, what’s a SPAC?
Briefly, SPACs are shell…