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

--

If you like the pod version of #UNFTR, make sure to check out the video version on YouTube where Max shows his beautiful face! www.youtube.com/@UNFTR

Please leave us a rating and review on Apple Podcasts: unftr.com/rate and follow us on Facebook, Twitter and Instagram at @UNFTRpod. Visit us online at unftr.com.

Join the Unf*cker-run Facebook group: facebook.com/groups/2051537518349565

Buy yourself some Unf*cking Coffee® at shop.unftr.com.

Subscribe to Unf*cking The Republic® at unftr.com/blog to get the essays these episode are framed around sent to your inbox every week.

Check out the UNFTR Pod Love playlist on Spotify: spoti.fi/3yzIlUP.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility.

Unf*cking the Republic® is produced by 99 and engineered by Manny Faces Media (mannyfacesmedia.com). Original music is by Tom McGovern (tommcgovern.com) and Hold Fast (holdfastband.com). The show is written and hosted by Max and distributed by 99.

Podcast art description: Image of the US Constitution ripped in the middle revealing white text on a blue background that says, "Unf*cking the Republic®."

Support the show: https://www.unftr.com/memberships

See omnystudio.com/listener for privacy information.