Zero Hedge: 'The Richest He's Ever Been': Trump Set To Gain Billions In Net Worth On Moonshot SPAC
Former President Donald Trump's new media enterprise - Trump Media & Technology Group - is already worth an implied $8.2 billion following last week's buying frenzy following the announcement of it's special purpose acquisition company (SPAC), Digital World Acquisition Corp. (ticker: DWAC).
Shares in DWAC had been hovering around $9 before Wednesday's announcement, before rising to $52 on Thursday and closing at $45.50. An incredible half a billion shares changed hands during regular market hours. Momentum continued on Friday despite five halts, as the stock opened at $118, hit a high of $175 despite momentum-breaking halts, only to close at $94.20 at the end of the day (dropping to nearly $80 after hours).
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WNU Editor: I am very skeptical of this valuation. There is just the promise of a product being released in a few months (a social-media platform called Truth Social). There are also no financials. No business plan. No explanation on this valuation. And no information.
But I have been around long enough to know that web projects may look and sound stupid when first proposed, but end up worth billions a few years later.
And I also learned a long time ago to never underestimate Donald Trump.
