Matt Levine, Columnist

Trump SPAC Doesn’t Have the Votes

Also Musk v. Twitter hearing, stablecoin liquidity and cyber-ESG.

September 6, 2022 at 6:15 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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We talked about this situation last Thursday. DWAC is scheduled to expire on Sept. 8: If it does not get an extension, then it turns into a pumpkin this Thursday. Then DWAC’s public shareholders get paid out about $10.20 per share in cash, a 2% return on the $10 they paid for their shares last September. DWAC’s stock closed on Friday at $24.99. It got as high as $175 last October, after announcing its merger with TMTG. If you own DWAC stock, you think that the prospect of a merger with Trump’s company is worth much, much more than $10.20 per share. You should vote for an extension, to try to make that merger happen. It is irrational not to. And yet!