Trump-tied SPAC soars +350%, retail traders pile on
Trump deal delivers $420 million windfall for dealmaker
A merger with former U.S. President Donald Trump’s new social media venture has delivered a potential windfall of $420 million for a former finance executive who has been trying for a decade to reinvent himself as a serial dealmaker. Benessere Capital CEO Patrick Orlando’s stake in Digital World Acquisition Corp, the Miami-based blank-check acquisition firm he is leading, was worth $423 million on Thursday after his deal to merge with Trump Media and Technology Group was announced, according to a regulatory filing and Reuters calculations. Orlando invested only $3 million in Digital World, and is set to receive the windfall because the deal entitles him to additional compensation in shares as sponsor of the firm, the filing shows.
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