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Matt Levine

The Trump SPAC Is In Business

Also Musk vs. Twitter and Goldman vacation.


Donald Trump’s social media company, Trump Media & Technology Group Corp., which runs the “Truth Social” app, plans to go public by merging with a special purpose acquisition company called Digital World Acquisition Corp., raising something like $1.3 billion. Today TMTG and DWAG filed the registration statement for their merger, a key step in actually making it happen. 

You can read it — here it is — and of course I will discuss it, because it is funny and because that is what I do for a living. But in a sense there is no point in reading it. It will not tell you much about TMTG’s business, because TMTG doesn’t have much of a business. Sure it has no real revenue,  but it also has almost no expenses. In 2021 (the only period for which it has financial statements), TMTG had total operating expenses of about $6.4 million, consisting mainly of pay and expenses for its “approximately 40 full-time employees.” Twitter Inc., a real social media company that TMTG supposedly competes with, spent roughly twice that much each day on operating expenses last quarter.