U.S. congresswoman Greene bought Trump SPAC shares

(Reuters) -U.S. Representative Marjorie Taylor Greene, an ally of Donald Trump, bought as much as $50,000 worth of shares in the special purpose acquisition company (SPAC) that has agreed to merge with the former president’s new social media venture. Greene bought shares worth between $15,001 and $50,000 on Oct. 22, the day they rose in value by as much as 1,650% from what they were worth before the deal, as amateur traders and Trump supporters snapped them up, according to a regulatory filing published on Wednesday. The shares of the SPAC, Digital World Acquisition Corp, have given up most of their gains since Greene invested on Friday.


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Stock analysts wary of Trump’s social network

A week after former President Donald Trump announced plans to launch a social media platform, and shares of the SPAC – or special purpose acquisition company – associated with TRUTH Social surged on the news, some stock analysts are scrutinizing Trump’s lofty new venture. MICHAEL PACHTER: “It’s a horrible idea.” Michael Pachter is the managing director of equity research at Wedbush Securities. PACHTER: “It’s one thing to build a news channel like Fox or OAN (One America News Network), that’s a cable channel and can thrive on the million users, viewers, or half a million viewers or smaller, because the carriage fees on cable are pretty low. But a social media network is going to depend upon advertising dollars, and making a social media channel that is dedicated to a small subset of users is going to limit its potential.” Trump lost his social media megaphone this year, when Twitter, Facebook and other social media platforms either permanently or temporarily banned him from their services, after he was accused of inciting violence at the U.S. Capitol on Jan. 6. Now, Trump is seeking another direct line to his supporters as he mulls another presidential run in 2024. TRUMP ON SEPTEMBER 28, 2015: “It will be simple, it will be easy…” Like Pachter, analyst Max Wolff, the CEO Systematic Ventures, also sees challenges, telling Reuters that entering into competition with other social media platforms is not easy. WOLFF: “Look, building a new social media is very, very difficult medium, because the real value here is the people on board. So you need to catch up to Facebook, you know, you have the small task of onboarding a few billion people, which might sound easy, but it could be tricky… So, odds are that this $2.2-and-counting-billion undertaking will end pretty badly, especially if it’s built around one person who, you know, however dynamic, is older and maybe past that person’s peak influence and social footprint.” But some believe there are people out there who have never been more starved for content from the former president. And shares of the SPAC linked to the new social media venture have been snapped up by amateur traders and Trump supporters, including U.S. Representative Marjorie Taylor Greene, who bought as much as $50,000 worth, according to a regulatory filing.Trump can also point to his – at one time – enormous social media following and NBC’s hit show “The Apprentice” as past successes that could bode well for a new media company. But Pachter says it’s Trump’s past failures and bankruptcies that loom larger.PACHTER: “No business I can think of that he’s ever been in, no non-real estate business, ever made money. He failed in casinos, airlines, steaks, wine, ties, everything else.”In a press release, the CEO of Digital World Acquisition, the Florida-based shell company linked to Trump’s new media enterprise, said the partnership would create public shareholder value and called it “one of the most promising business combination partners to fulfill that purpose.” TRUTH Social is set for a beta launch next month and full rollout in the first quarter of 2022.



Satellite Firm Terran Orbital Aims To Go Public Via $1.58B SPAC Merger With Tailwind Two Acquisition

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Why Bloom Energy Stock Jumped Over 50% This Week

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As part of the weekend’s events, the first customers to receive their cars — which were built in Arizona — will participate in what is being dubbed as the inaugural Lucid Rally. The company’s shares saw huge gains on the news.


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Source: Donald Trump’s SPAC deal may have violated securities laws, report says

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