(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.
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
Satellite maker Terran Orbital Corp aims to go public via a special purpose acquisition company (SPAC) merger with Tailwind Two Acquisition Corp (NYSE: TWNT). The transaction is worth $1.58 billion. The combined company will operate as Terran Orbital Corporation (NYSE: LLAP), with plans to list on the NYSE under the symbol LLAP. Terran designs and builds satellites for customers, including the National Aeronautics and Space Administration, the U.S. Defense Department, and EchoStar Corp (NASDAQ:
Receiving an inheritance from a family member can create a large windfall of cash, and with it, new financial opportunities. What you do with the money will depend on the size of the inheritance, your financial situation and level of … Continue reading → The post Got a Fat Inheritance? Here’s What to Do With It. appeared first on SmartAsset Blog.
Shares of fuel cell company Bloom Energy (NYSE: BE) have jumped 50.3% so far this week as of noon EDT on Friday, and the stock’s momentum doesn’t seem to be slowing down. The biggest news this week came on Monday when Bloom Energy and SK Ecoplant, which is an affiliate of South Korean company SK Group, announced a minimum 500 megawatt (MW) order. In addition, SK Ecoplant will buy about $500 million in Bloom Energy stock.
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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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Leo and his mom Linda are cartoon characters who play starring roles in Biden’s new “Build Back Better Framework.” You might be wondering what’s new about this framework, since Biden has been promising to “build back better” for nearly two years and Congress has been working on legislation since Biden took office in January.
Palantir Technologies (NASDAQ:PLTR) is one of the most talked-about stocks on Wall Street. It doesn’t need to be. Even after the PLTR stock price increased more that 128% in the last 12 months. Source: Ascannio / Shutterstock.com Palantir is a typical growth stock of our time. It did almost $1.1 billion in business last year. It should do about $1.4 billion this year. It’s not making money, but no one expects that of a business growing at an almost 30% pace. The $49.6 billion market cap is about
The shiba inu (SHIB) token continues its astonishing ascent in the crypto markets. An $8,000 investment in SHIB in August 2020 is now valued at about $5.7 billion, representing a seven million percent gain. “The Hash” panel discusses the outlook for the “dogecoin killer” and the potential risks of buying into the meme economy.
In this article, we will be taking a look at 10 high beta dividend stocks to buy. To skip our detailed analysis of dividend investing, you can go directly to see the 5 High Beta Dividend Stocks To Buy. The volatility of the stock market and individual stocks are increasingly important to keep track of […]
The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, most Americans will never pay a cent in gift taxes … Continue reading → The post Gift Tax, Explained: 2021 Exemption and Rates appeared first on SmartAsset Blog.
Retail traders have won big (and lost big) with meme stocks in 2021. When the social media-driven investing phenomenon became a thing last January, those early enough to the game saw jaw-dropping returns in the span of just a few weeks. The same thing happened during the summer when the trend came back in vogue, this time with a greater focus on short-squeeze potential. Not only did some new names obtain meme stock status as a result, but the original names in this category made partial or even
(Bloomberg) — A liberal nonprofit that advocates for market competition is urging federal authorities to investigate whether top executives including Mark Zuckerberg and Sheryl Sandberg broke the law, adding personal accusations to the allegations facing the company following disclosures from a whistle-blower.Most Read from BloombergCan a New Mayor Fix Seattle’s Downtown?A Guide to G-20 Leaders and Why a Climate Deal Is So HardThe Terrifying Rise of Haunted TourismIn Minneapolis Election, the F
Ethereum is one of the hottest cryptocurrencies on the market today. Here are some basics about how to begin investing.