“Trick or Treat?” – a new cartoon that illustrates how retail investors have changed the dynamics of companies going public. Donald Trump’s new social media company, Truth Social, has created a SPAC to go public. The company has no financial disclosures, no institutional capital as sponsors, and no named employees, yet … shares of Digital World Acquisition (the holding company for Truth Social) were up over 500% achieving a market capitalization over $5Bn at its peak. Therefore, in the absence of large, anchor investors, the supporters are retail investors that either believe in Trump or those that believe in Trump’s social power. One trending post on WallStreetBets on Monday said “DWAC- ALL IN,” which attracted more than 500 comments. Earlier in the year we saw meme stocks, now we are seeing meme IPOs. #truthsocial, #spac, #ipo

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