Anthony Scaramucci, the hedge fund founder and one-time Trump official, says he hopes the former president's SPAC keeps soaring so he doesn't run in 2024
, who has repeatedly lied about the outcome of the 2020 election.
News of Trump Media & Technology Group's planned merger with DWAC first surfaced Wednesday night. Trump also said then he intends to launch his own social media network called "TRUTH Social," suggesting the platform will "stand up to the tyranny of Big Tech." DWAC is what's known as a blank check company, which raises capital through an IPO with the goal of using those proceeds to acquire a private firm and bring it to the public markets. While SPACs have been around for a while, they surged in popularity last year. After a record start to the 2021, the SPAC trend hasIt's not entirely clear what's behind the explosive move in DWAC shares, but the stock has become incredibly popular on Reddit's WallStreetBets forum.
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