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(CNBC)   Grifter who bankrupted a casino promises to make SPACs great again   (cnbc.com) divider line
    More: Unlikely, Stock, Stock market, former President Donald Trump, Digital World Acquisition Corp., Joe Biden, stock price of SPAC company, New York Stock Exchange, DWAC's stock  
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2014 clicks; posted to Politics » and Business » on 21 Oct 2021 at 11:04 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



46 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-10-21 11:06:17 PM  
Well at least we know Trump's grift on this one.
 
2021-10-21 11:10:42 PM  
Does it have free porn?
No?
Then it ain't worth shiat.
 
2021-10-21 11:11:19 PM  
With a company based in Wuhan, China.

This isn't going to end well, methinks.

Achually, I hope the Chinese company is running a big grift on Trump and cleans him out. Now THAT would be funny.
 
2021-10-21 11:11:38 PM  
(insert GIF of Donnie having a SPAZ here)
 
2021-10-21 11:15:09 PM  
Peeps on Twitter claim that the social media site is a Mastodon fork...
 
2021-10-21 11:16:38 PM  
SEC investigation in 5...4...3...2...
 
2021-10-21 11:20:26 PM  
This doesn't reek at all of people playing games just like they did with the Kodak stock last year.
 
2021-10-21 11:23:37 PM  

Farkin_Crazy: With a company based in Wuhan, China.

This isn't going to end well, methinks.

Achually, I hope the Chinese company is running a big grift on Trump and cleans him out. Now THAT would be funny.


Insert something funny about trade wars right here >*<.
 
2021-10-21 11:26:36 PM  
Eh, it's ok, I guess.  Seen some good shows there.

Fark user imageView Full Size
 
2021-10-21 11:29:33 PM  

KodosZardoz: Does it have free porn?
No?
Then it ain't worth shiat.


They have Judge Jeanne on a loop dry humping an empty box of wine.

Does that count?
 
2021-10-21 11:36:22 PM  

Uzzah: Eh, it's ok, I guess.  Seen some good shows there.

[Fark user image image 850x478]


Well now it's going to be BETTER than "okay"
 
2021-10-21 11:40:09 PM  
Grifter who bankrupted a casino 3 casinos promises to make SPACs great again

Fixed
 
2021-10-21 11:45:21 PM  
This will be a terrible long term investment but if you can make a few bucks as it rockets up good luck to you.
 
2021-10-21 11:46:11 PM  
Well that's an easy one, long on Leap Puts tomorrow.
 
2021-10-21 11:47:13 PM  

danny_kay: Peeps on Twitter claim that the social media site is a Mastodon fork...


It is. And probably an LGPL violation too. But there are no laws, so whatever.

The hilarious part from a stonk guy's perspective is the slide deck. Usually the SPAC sponsor at least bothers to fabricate projected revenue figures or a path to profitability or something with actual numbers. The slide deck is literally just a bunch of images conveying the general impression that it'll make money. It's like a Trump tweet turned into powerpoint form; not even lies, just bullshiat.

But who cares, it was one of those dumb memestonks - in that the "business" is literally a meme - that made for some spectacular action. If my broker could find shares to borrow, I'd short the fark out of it a few days before closing.

Unlike AMC or GME, which were actually able to raise capital at overinflated valuations, and which had underlying businesses (albeit distressed ones whose distressed state was significantly alleviated by the capital raised at their absurd valuations), I really don't see these goobers able to successfully raise enough capital to scale. Even if every Trumpist joined up and shiatposted on the network, and even if every Trump-related grift (OAN, etc.) somehow partnered with them, they're tens of billions (if not hundreds of billions) of dollars of capex away from the physical capability of building their own "cancel-proof" datacenters, and several light-years away from being able to hire the talent (at any price) to know how to operate a FAANG-tier cloud hosting/content provider even if, by some miracle, they were given one.

It's going to be a spectacular clusterfark, and my only bitterness about today was that I didn't get a chance to loot a few bucks out of this morning's action. (I want less corruption, but failing that, more chance to participate. For all the reasons the business is doomed to fail, today's shiatfarkery was a rare opportunity for any member of the degenerategeneral daytrading public to profit from the fall of the Republic without actively promoting or participating in its fall.)
 
2021-10-21 11:50:18 PM  
The greatest and most obvious pump and dump of all time. Believe me.
 
2021-10-22 12:14:40 AM  
DWAC was among the top 10 most popular names on Reddit's WallStreetBets chatroom, even exceeding meme stock GameStop's mentions.

Yes this will end well.
 
2021-10-22 12:15:19 AM  
SPLACK is slang for farking.
 
2021-10-22 12:17:39 AM  
In typical Trump fashion, what will happen here is;

Trump "merged" into the new company, taking an ownership stake.
Trump sold most of that ownership stake today, making huge mad money.
Trump will demand large regular payments for management fees and, well every way he can.
Trump family and cronies will be given high paying, high title ghost titles.
Trump will not own any part of it when it declares bankruptcy.

Which will, in a large part, be due to the money being paid to Trump and his family.
 
2021-10-22 12:18:23 AM  
er,

ghost JOBs.
 
2021-10-22 12:22:31 AM  

danny_kay: Peeps on Twitter claim that the social media site is a Mastodon fork...


The guy who wrote Mastodon says the same. He is consulting lawyers.
 
2021-10-22 12:27:07 AM  
What is the over/under on the first time he mispronounced it in the worst possible way?
 
2021-10-22 12:27:17 AM  
SPACs have just vern waiting to be properly regulated. Something will be the catalyst. It may as well be this
 
2021-10-22 12:48:44 AM  
https://www.investopedia.com/terms/s/​s​pac.asp
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

He wants to buy Twitter.
 
2021-10-22 12:51:39 AM  

Befuddled: https://www.investopedia.com/terms/s/​s​pac.asp
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

He wants OTHER PEOPLE to buy Twitter AND GIFT IT TO HIM TO PICK TO THE BONE.


fixed that a bit
 
2021-10-22 12:55:08 AM  

shpritz: The greatest and most obvious pump and dump of all time. Believe me.


Do people say it?
 
2021-10-22 12:57:54 AM  

ukexpat: shpritz: The greatest and most obvious pump and dump of all time. Believe me.

Do people say it?


With tears in their eyes.
 
2021-10-22 1:00:58 AM  

Befuddled: https://www.investopedia.com/terms/s/​s​pac.asp
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

He wants to buy Twitter.


trump's company has already entered into a merger agreement. FTFA: "Trump's new company, Trump Media & Technology Group, said it and DWAC [Digital World Acquistion Corp- the SPAC] 'have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval.'"
 
2021-10-22 1:10:46 AM  

Twilight Farkle: danny_kay: Peeps on Twitter claim that the social media site is a Mastodon fork...

It is. And probably an LGPL violation too. But there are no laws, so whatever.

The hilarious part from a stonk guy's perspective is the slide deck. Usually the SPAC sponsor at least bothers to fabricate projected revenue figures or a path to profitability or something with actual numbers. The slide deck is literally just a bunch of images conveying the general impression that it'll make money. It's like a Trump tweet turned into powerpoint form; not even lies, just bullshiat.

But who cares, it was one of those dumb memestonks - in that the "business" is literally a meme - that made for some spectacular action. If my broker could find shares to borrow, I'd short the fark out of it a few days before closing.

Unlike AMC or GME, which were actually able to raise capital at overinflated valuations, and which had underlying businesses (albeit distressed ones whose distressed state was significantly alleviated by the capital raised at their absurd valuations), I really don't see these goobers able to successfully raise enough capital to scale. Even if every Trumpist joined up and shiatposted on the network, and even if every Trump-related grift (OAN, etc.) somehow partnered with them, they're tens of billions (if not hundreds of billions) of dollars of capex away from the physical capability of building their own "cancel-proof" datacenters, and several light-years away from being able to hire the talent (at any price) to know how to operate a FAANG-tier cloud hosting/content provider even if, by some miracle, they were given one.

It's going to be a spectacular clusterfark, and my only bitterness about today was that I didn't get a chance to loot a few bucks out of this morning's action. (I want less corruption, but failing that, more chance to participate. For all the reasons the business is doomed to fail, today's shiatfarkery was a rare opportunity for any member of the degenerategen ...


Had this conversation with an investing friend this morning. He texted, "I'll buy tobacco or oil tickers and not flinch, hell I can even look the other way and profit off of social media. I know the dumbest, loudest, stupidest motherfarkers with a brokerage account are going to push this thing up, I still am not touching it."

I jokingly told him he'd be sorry when it becomes official state media.
 
2021-10-22 1:55:00 AM  

Befuddled: https://www.investopedia.com/terms/s/​s​pac.asp
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

He wants to buy Twitter.


$DWAC has a market cap of 1.6B. $TWTR has a market cap of 52.1B.  He has a ways to go.
 
2021-10-22 1:56:40 AM  

Somefreak36: Well that's an easy one, long on Leap Puts tomorrow.


My thought too.  It's up another 26% in after hours trading.  I might take a small stab at some puts.  Only small though because I could see the /WSB crowd farking around with this one.
 
2021-10-22 2:06:58 AM  

relaxitsjustme: Somefreak36: Well that's an easy one, long on Leap Puts tomorrow.

My thought too.  It's up another 26% in after hours trading.  I might take a small stab at some puts.  Only small though because I could see the /WSB crowd farking around with this one.


That's why I am going with leaps, haven't looked at the chain yet but if January 2023 is available then will go with that
 
2021-10-22 2:22:48 AM  

Somefreak36: relaxitsjustme: Somefreak36: Well that's an easy one, long on Leap Puts tomorrow.

My thought too.  It's up another 26% in after hours trading.  I might take a small stab at some puts.  Only small though because I could see the /WSB crowd farking around with this one.

That's why I am going with leaps, haven't looked at the chain yet but if January 2023 is available then will go with that


The IV on those things is going to be... considerable.
 
2021-10-22 2:26:09 AM  
Pump n dump.

Trump doesn't understand how publicly traded corporations work. He will fark up, embezzle funds, and get nailed for securities fraud. It's not an if, it's a when.
 
2021-10-22 2:31:19 AM  

Nonrepeating Rotating Binary: In typical Trump fashion, what will happen here is;

Trump "merged" into the new company, taking an ownership stake.
Trump sold most of that ownership stake today, making huge mad money.
Trump will demand large regular payments for management fees and, well every way he can.
Trump family and cronies will be given high paying, high title ghost titles.
Trump will not own any part of it when it declares bankruptcy.

Which will, in a large part, be due to the money being paid to Trump and his family.


Yes, that's his MO with any of the 500+ LLCs he creates or owns.

But you can't really do that with a publicly traded corporation. There are far stricter rules against market manipulations of this type.

As Trump is woefully going to find out.
 
2021-10-22 2:37:29 AM  

Occam's Disposable Razor: Somefreak36: relaxitsjustme: Somefreak36: Well that's an easy one, long on Leap Puts tomorrow.

My thought too.  It's up another 26% in after hours trading.  I might take a small stab at some puts.  Only small though because I could see the /WSB crowd farking around with this one.

That's why I am going with leaps, haven't looked at the chain yet but if January 2023 is available then will go with that

The IV on those things is going to be... considerable.


Yep, but will go deep in the money. My returns aren't sexy but always positive. Wife will confirm.
 
2021-10-22 4:13:13 AM  

relaxitsjustme: Somefreak36: Well that's an easy one, long on Leap Puts tomorrow.

My thought too.  It's up another 26% in after hours trading.  I might take a small stab at some puts.  Only small though because I could see the /WSB crowd farking around with this one.


The WSB crowd doesn't fark around with.

The WSB crowd gets farked around with.
 
2021-10-22 5:17:09 AM  
Those suckers are going to lose their money.
 
2021-10-22 6:55:45 AM  

Ishkur: Pump n dump.

Trump doesn't understand how publicly traded corporations work. He will fark up, embezzle funds, and get nailed for securities fraud. It's not an if, it's a when.


Nope. He will stall, bray, if necessary get re-elected, run out the clock or get his next AG and the new SEC to drop the charges.
 
2021-10-22 6:58:13 AM  
From the NYT report

Investors in some cases ponied up as much as $30 million without much guidance as to how Digital World would spend their money," reports the Times. "All they knew was what Digital World said in its securities filing - that it was looking to invest in 'middle-market emerging growth technology-focused companies.' It didn't give any hint that it was hoping to merge with a social-media company or to work with the former president."

What made this deal so shocking was the speed with which it was consummated, as most SPACs normally take over a year to find a buying partner.
 
2021-10-22 9:30:22 AM  

relaxitsjustme: Befuddled: https://www.investopedia.com/terms/s/s​pac.asp
A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.

He wants to buy Twitter.

$DWAC has a market cap of 1.6B. $TWTR has a market cap of 52.1B.  He has a ways to go.


Well, $3.2B as of premarket's overnight doubling now that people who weren't paying attention yesterday have read about it, but your point still stands - that's still a long way to go. (Even if we presume the ability to turn that into the sort of physical infrastructure and human capital required to scale to the fantasies in the slide deck.)

It's a spectacular grift, though, and we should see a bunch of other unrelated names (with ideas almost as improbable) going into orbit over the next week or so. His bumbling incompetence and insatiable greed may have accidentally made SPACs tradable again, at least for a few weeks.
 
2021-10-22 10:21:37 AM  

anuran: What made this deal so shocking was the speed with which it was consummated, as most SPACs normally take over a year to find a buying partner.


Not shocking if Russian oligarchs are investing.
 
2021-10-22 1:39:38 PM  
DWAC was among the top 10 most popular names on Reddit's WallStreetBets chatroom, even exceeding meme stock GameStop's mentions.

Yes, the most serious, professional, and foolproof way to predict how a stock will do.

/s
 
2021-10-22 2:52:56 PM  
smbc-comics.comView Full Size
 
2021-10-22 9:51:37 PM  

Aussie_As: This will be a terrible long term investment but if you can make a few bucks as it rockets up good luck to you.


Investing in this company is as much support of Donald Trump as voting for him in 2024.
 
2021-10-23 10:43:39 AM  

Ishkur: Pump n dump.

Trump doesn't understand how publicly traded corporations work. He will fark up, embezzle funds, and get nailed for securities fraud. It's not an if, it's a when.


And just like all the other "We got him this time" times, ain't nothin' gonna happen.
 
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