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Could Donald Trump Use SPAC To Launch Social Media Or News Platform?

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Could Donald Trump Use SPAC To Launch Social Media Or News Platform?

A large number of celebrities, athletes and politicians have gotten involved with SPACs as board members and sponsors of the popular investment vehicle. The latest rumor surrounds a certain former president who managed to get impeached twice. 

What Happened: There's speculation that former President Donald Trump is exploring launching a SPAC, according to Fox Business. Three Wall Street executives in the SPAC business told Fox Business that speculation is swirling around a Trump SPAC.

“I am not working on anything with any SPAC so I just can’t comment,” Trump Organization Executive Vice President Eric Trump said.

Related Link: What Happens To The MAGA ETF If Trump Loses The Presidential Election

Why It’s Important: Since being banned from Twitter Inc (NYSE: TWTR), Trump has explored launching his own social media app.

Trump could use a SPAC to acquire an existing social media app or media network and transform it into his own.

Parler is a social media platform that saw a rise in user growth after Trump was banned from Twitter. The company could turn into a possible SPAC acquisition target from Trump.

Trump advisor Jason Miller told Fox News that Trump plans on “returning to social media in probably about two or three months here with his own platform.”

Trump has been vocal about his perceived mistreatment by media networks and was said to explore creating his own media network.

See also: How to Invest in SPACs 

A SPAC from Trump could look to acquire a media company and turn it into more of a pro-GOP network and take on other news companies like CNN, owned by AT&T (NYSE: T), and Fox News, owned by Fox Corp (NASDAQ: FOX). 

After losing the 2020 election, Trump was able to raise over $200 million from supporters to wage a legal battle attacking the results. 

A SPAC from Trump could see strong interest from his former supporters and would be widely followed by media.

Photo illustration from Pixabay. 

 

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