DWAC, the Trump Social-Media SPAC, Could Make Its Backers $440 Million

 DWAC, the Trump Social-Media SPAC, Could Make Its Backers $440 Million

The obscure financiers who launched the shell company that is taking former President Donald Trump’s social-media venture public are poised for a big payday if the deal gets completed.

The total windfall would stand at about $440 million at the stock’s current price, after shares skyrocketed more than sixfold following the deal’s announcement. The pay framework isn’t Trump-specific—it comes from the distinctive structure of special-purpose acquisition companies, or SPACs, such as Digital World Acquisition Corp.

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