Matt Levine’s Money Stuff: The Trump SPAC PIPE Is Free Money

Trump SPAC PIPE

We talked last week about the Trump SPAC PIPE. A quick recap: Donald Trump has a vague sketch of a media company called Trump Media & Technology Group (TMTG). TMTG is a private company and there is almost no public information about its business, finances, executives, etc. In October, TMTG announced a merger with a special purpose acquisition company (SPAC) called Digital World Acquisition Corp. (DWAC), which will contribute about $293 million of cash to TMTG in exchange for TMTG stock. DWAC is currently a public company; it raised stock from the public by selling shares ...