One of Donald Trump’s special purpose acquisition (SPAC) companies found it necessary to move its mailing address from a Miami office building to a UPS mailbox store, according to The Financial Times. It appears that the bad publicity about the ex-POTUS has negatively affected his businesses.
A SPAC is also known as a “blank-check” company. On Friday, DWAC “lost $138.5 million of its $1 billion in private financing,” according to CNBC:
‘[The shell corporation was listed] on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process.’
Trump’s DWAC change-of-address was shown on its regulatory form when the shell company filed its financial losses. After DWAC lost more than 10 percent of its private investor financing in public equity (PIPE) used to finance Trump Media following the merger:
‘Shares of DWAC were trading around $16 Monday afternoon, down significantly from its $97 peak in March of this year.’
The investors were contractually obligated to provide funds for the ex-president’s media company. But after Trump’s deal expired last week, the investors were free to “pull their funding.”
CNBC reported that one of the private investors got out, because there were so many “legal obstacles facing the company.” In addition, this investor was not excited about Trump’s Media Truth Social app lack of followers.
When Trump was on Twitter, he had over 80 million followers. But after January 6 2021, he was banned from Twitter. At the time, the previous president vowed to build a competitor, the app Truth Social. Unfortunately, Trump only had 4.1 million followers on Truth Social. Not only that, the ex-president’s app was banned from the Google Play store, too.
Another problem was that the Securities and Exchange Commission (SEC) was investigating Trump Media and DWAC. The SEC wanted to uncover whether both companies violated SEC laws with alleged “discussions” before the merger.
Of course, the ex-president has also come under a number of other investigations. One of those would prohibit Trump from doing business in New York state, should he lose the civil fraud charges.
The former president was also under investigation for allegedly stealing over 100 top secret files and taking them to his summer home, Mar-a-Lago. There he casually stored them around the resort, and he even put one box of documents in his bedroom closet.
And there was his alleged involvement in the January 6, 2020, violent attempted coup at the nation’s Capitol Building. Trump also tried to change the election results in a number of other ways. Georgia’s Attorney General Fani Wills has been investigating 45 for trying to bully her secretary of state, as reported by CNN.
‘Georgia Secretary of State Brad Raffensperger in January 2021, in which Trump called on Raffensperger to “find” the nearly 12,000 votes giving him the votes the ex-president needed to steal the presidential elections.’
Time will tell whether the UPS mailbox will work out for the previous president.
Gloria Christie Reports & Three White Lions Substack newsletters. Written in her own unique style with a twist of humor. Christie is a political journalist for the liberal online newspaper The Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (in progress). Find her here on Facebook. Or at Three White Lions her book on Amazon Kindle Vella.