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If you thought matters SPAC couldn’t get any stupider than Shaquille O’Neal taking WeWork public, well, that was all the way back on, uh, yesterday.

Former President Donald Trump unveiled a new digital-media venture Wednesday and said it would go public by merging with a special-purpose acquisition company.

And he didn’t even have to do it with that 23-year-old’s blank-check company.

Trump Media & Technology Group will combine with a SPAC called Digital World Acquisition Corp., valuing the Trump venture at $875 million, including debt, the press release said.

Of course, almost a billion dollars (and, in true Trumpian fashion, lots of debt) for something that doesn’t exist yet. SPACs really are special. Of course, Trump’s never been great at accurately valuing things.

In recent months, the district attorney’s office in suburban Westchester County, N.Y., has subpoenaed records from the course, Trump National Golf Club Westchester, and the town of Ossining, which sets property taxes on the course…. The district attorney, Mimi E. Rocah, appears to be focused at least in part on whether Mr. Trump’s company, the Trump Organization, misled local officials about the property’s value to reduce its taxes, one of the people said.

Trump’s Truth Social Media Platform Plans to Go Public via SPAC [WSJ]
H.L. Hunt’s great-great-grandson rings in Friday’s trading for his SPAC that raised $125 million [Dallas Morning News]
Trump Organization, Already Under Indictment, Faces New Criminal Inquiry [NYT]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.



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