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☆ Trump's Truth Social app is officially on the Google Play Store after complying with moderation rules
  + stars: | 2022-10-12 | by ( Travis Clark | ) www.businessinsider.com   time to read: +2 min
Donald Trump's social-media app Truth Social is live on the Google Play Store. The app was already available for download on Apple's app store. For instance, Truth Social has guidelines that prohibit posts that "depict violence, threats of violence or criminal activity." Google removed it from the Play Store, meaning over 40% of smart phone users couldn't access it. Shares for the SPAC Digital World Acquisition Group, which announced plans to merge with Truth Social last year, rose 9% on Wednesday after Axios' report.
☆ Flexjet to Go Public Through $2.6 Billion SPAC Deal
  + stars: | 2022-10-11 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
Subscription-based jet company Flexjet Inc. said it has struck a deal to go public through a merger with a special-purpose acquisition company that would value the combined entity at about $2.6 billion. The Cleveland-based company said it will merge with Horizon Acquisition Corp. II a SPAC led by billionaire investor Todd Boehly , one of the new owners of soccer club Chelsea FC and a part owner of the Los Angeles Dodgers. Including debt, the combined company would be valued at $3.1 billion, the companies said.
☆ Flexjet's Kenn Ricci breaks down decision to go public through Horizon Acquisition SPAC
  + stars: | 2022-10-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFlexjet's Kenn Ricci breaks down decision to go public through Horizon Acquisition SPACFlexjet Chairman Kenn Ricci joins CNBC's 'Squawk Box' to break down the company's decision to go public through a merger with a special purpose acquisition company, or SPAC.
☆ Trump-tied SPAC delays vote after falling short on shareholder support
  + stars: | 2022-10-10 | by ( Echo Wang | ) www.reuters.com   time to read: +2 min
At least 65% of the shareholders of Digital World Acquisition Corp (DWAC.O) needed to agree to the extension. The special purpose acquisition company (SPAC) opted to push back the deadline to try to find more votes. Digital World last month said it had received termination notices from PIPE investors who were pulling out about $139 million of the total financing commitment. Digital World has not yet received approval from the U.S. Securities and Exchange Commission (SEC), which is reviewing its disclosures on the deal. Digital World is set to liquidate on Dec. 8, after managing to extend its life by three months in September.
☆ SPAC Again Delays Shareholder Vote on Merger With Trump’s Social-Media Platform
  + stars: | 2022-10-10 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
The special-purpose acquisition company that is trying to take public former President Donald Trump’s social-media platform pushed back the deadline for its shareholders to vote on giving the company more time to close its deal. The SPAC, Digital World Acquisition on Monday pushed the deadline to Nov. 3 on the vote to extend the deadline to merge with Trump Media & Technology Group. The entity had needed approval of shareholders representing 65% of shares by Monday for a one-year extension. Patrick Orlando , Digital World Acquisition chief executive, said the latest delay is meant “to accommodate the sheer number of voters that have not yet been able to cast their vote.”
☆ Trump SPAC shares slide after Elon Musk revives deal to buy Twitter
  + stars: | 2022-10-04 | by ( Jack Stebbins | ) www.cnbc.com   time to read: 1 min
Shares of Digital World Acquisition Corp ., the special-purpose acquisition company seeking to take Trump Media and Technology Group public, slid Tuesday after Elon Musk reversed course and proposed going through with his deal to buy Twitter . Shares of DWAC fell more than 5% Tuesday to $17.10. The stock's 2022 peak was about $97 in March. Trump Media and Technology Group owns Truth Social, the platform founded by former President Donald Trump after he was banned from Twitter following the Jan. 6, 2021 Capitol insurrection.
☆ Vishal Garg wants you to understand why he's still Better's CEO, even after getting ridiculed for brutally laying off 900 people via Zoom
  + stars: | 2022-10-03 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +14 min
Vishal Garg, the CEO of Better, spoke out nine months after laying off hundreds of people over Zoom. "I would regularly tell my team that I think I'm the right founder for this company," Garg said. For his younger employees, Queens might be known as a hip borough with diverse populations and menus. But to Garg, Queens was something to be embarrassed by, leading him to pour even more energy into his work. Now at the helm of a slimmed-down Better, Garg is firmly looking forward to the future, SPAC or no SPAC.
☆ Digital World CEO urges Donald Trump to push shareholders to vote on merger delay
  + stars: | 2022-09-30 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
Patrick Orlando, the CEO of the shell company set to take Trump Media and Technology Group public, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to promote an upcoming vote to extend the merger deadline for the two companies. "@realDonaldTrump @DevinNunes let's get the vote awareness up," the Digital World Acquisition Corp . chief wrote in a Truth Social post that attached information about the shareholder vote. DWAC stockholders will vote on Oct. 10 to approve an extension to the merger deadline. These are far from the only issues facing DWAC and Trump Media. Trump Media has said it was exploring legal proceedings against the SEC, saying the regulator has delayed the merger.
☆ Get ready for 'stealth layoffs' at Big Law firms as the economy slows
  + stars: | 2022-09-29 | by ( Jack Newsham | Peter Coutu | ) www.businessinsider.com   time to read: +7 min
But at Big Law firms, "managing out" is common, with lawyers quietly directed to look for work elsewhere. O's story stands to become more common as the economy cools and Big Law firms seek to quietly cut costs without technically laying people off. Here's how Big Law firms let people go. Most Big Law firms operate under an "up or out" system, where lawyers are either expected to make partner or leave. Big Law lets more people go and slows down hiring in tough economic timesOne point of agreement is that stealth layoffs rise in economic downturns.
☆ Cathie Wood's Ark is buying stock in space SPAC Rocket Lab
  + stars: | 2022-09-28 | by ( Michael Sheetz | ) www.cnbc.com   time to read: +1 min
Cathie Wood's Ark Invest is dipping back into a space SPAC, with two of the firm's funds buying up stock in Rocket Lab the past two days. Ark's exchange-traded funds ARKQ and ARKX – which focus on autonomous technology and space exploration, respectively – bought about 729,000 shares of Rocket Lab in trades on Monday and Tuesday, the firm disclosed. While Ark's Rocket Lab position is relatively small, worth about $3 million total, the purchases mark the first recent space SPAC stock the firm has owned since selling its position in Virgin Galactic in May 2021. The purchases by Wood's firm also follow Rocket Lab hosting an investor day in New York, where it gave updates on the progress of its Electron and Neutron rockets, as well as its space systems businessRocket Lab stock was up 3% in trading on Wednesday from its previous close of $4.19 a share. Like many of its space SPAC peers, Rocket Lab shares have been hit hard of late, falling about 72% over the past 12 months.
☆ Harley-Davidson spins off LiveWire in $1.8 billion SPAC merger
  + stars: | 2022-09-27 | by ( Bianca Flowers | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterElectric motorcycles by Harley-Davidson and LiveWire are seen at a Harley-Davidson dealership in Queens, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 27 (Reuters) - Harley-Davidson Inc (HOG.N) on Tuesday spun off its electric motorcycle division, LiveWire, in a SPAC deal creating the first publicly traded electric motorcycle company in the United States. New shares of LiveWire Group Inc , Harley-Davidson's former electric motorcycle subsidiary, were up 1.5% in their U.S. market debut on Tuesday following the unit's $1.77 billion merger with a blank-check firm. Harley released its first electric motorbike, the LiveWire, in 2019 before deciding to relaunch the bike as its own sub-brand. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bianca Flowers in Chicago and Aishwarya Nair in Bengaluru; Editing by Maju Samuel and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
☆ Jim Cramer gives his take on SPACs
  + stars: | 2022-09-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer gives his take on SPACsCramer gave his take on the SPAC and IPO markets on Tuesday's episode of "Mad Money."
☆ Harley-Davidson EV spinoff Livewire starts trading via SPAC
  + stars: | 2022-09-27 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHarley-Davidson EV spinoff Livewire starts trading via SPACJochen Zeitz, Harley-Davidson chairman and CEO, joins 'Squawk on the Street' to discuss Harley-Davidson's EV spinoff Livewire, what Zeitz expects from Livewire's sales demand, and insights into Livewire's supply chain.
☆ Jim Cramer explains why he believes the 'SPAC attack' is coming to an end
  + stars: | 2022-09-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer explains why he believes the 'SPAC attack' is coming to an endCramer explained the positive developments he saw in San Francisco that suggested the era of SPACs is nearing an end on Tuesday's episode of "Mad Money."
☆ Trump-linked SPAC changes address to UPS store as investments pulled
  + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS store in Miami. The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing its financing losses. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding. One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company.
☆ Hammerhead plans rare U.S. listing of Canadian gas producer in over $1 bln SPAC deal
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonSept 26 (Reuters) - Hammerhead Resources Inc plans to list on the Nasdaq by merging with blank check company Decarbonization Plus Acquisition Corporation IV (DCRD.O) in a C$1.39 billion ($1.02 billion) deal, a rare U.S.-listing for a Canadian oil and gas producer. Its decarbonization investment campaign across its asset base is estimated to require $240 million of capital between 2023 and 2029. CIBC Capital Markets and Peters & Co. Limited are acting as financial and capital markets advisers to Hammerhead. ($1 = 1.3652 Canadian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
☆ The perils and promise of quantum computing are nearing. Here are ways to invest
  + stars: | 2022-09-24 | by ( Hugh Son | ) www.cnbc.com   time to read: +11 min
"In a five- to 10-year timeframe, quantum computing will break encryption as we know it." Since its conceptual birth in the early 1980s, quantum computing has held promise for systems that could exponentially outperform today's computers. Rather than leaning on the zeroes and ones of classical computers, quantum computers emerged from quantum physics, which is the study of the fundamental building blocks of matter and energy. Those strange properties account for the technology's potentially explosive abilities; each additional qubit doubles a quantum computer's power. They are named D-Wave Systems , Rigetti Computing, IonQ , and Quantum Computing.
☆ Investors pull almost $140 million from the company planning to merge with Donald Trump's Truth Social
  + stars: | 2022-09-24 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
The deadline for Digital World deal to acquire Donald Trump's Truth Social passed on September 20. Investors are walking away from planned commitments of $140 million, SEC filings show. "Blank-check" company Digital World Acquisition said in a Securities and Exchange Commission filing on Friday that some backers were pulling a total of $139 million they had planned to put into the $1 billion acquisition. The company has struggled to close the Truth Social merger and previously blamed the SEC for delaying the deal amid criminal and civil investigations. As a result, the directors of Digital World received subpoenas in June from a grand jury in the Southern District of New York.
☆ Sierra Space weighs public offering to help fund space station, president says
  + stars: | 2022-09-24 | by ( Joey Roulette | ) www.reuters.com   time to read: +3 min
Janet Kavandi, president of Sierra Space, scientist and astronaut, attends the International Astronautical Congress (IAC) space exploration conference in Paris, France, September 19, 2022. No private company has built a space station. "It is one of many considerations," Sierra Space President Janet Kavandi said of a public offering, speaking to Reuters at the International Astronautical Congress in Paris. Sierra Space hopes to have the first elements of the station in orbit by about 2027. "I don't think you can overstate its importance," Michael López-Alegría, Axiom's chief astronaut, said of getting their space station to market first.
☆ 'Moneyball' manager Billy Beane says Warren Buffett's investing lessons apply to baseball too - and Seth Klarman agrees
  + stars: | 2022-09-24 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +4 min
"Moneyball" star Billy Beane said Warren Buffett and Charlie Munger's lessons apply to baseball. Author Michael Lewis profiled Beane in "Moneyball," and Brad Pitt played the baseball executive in the movie adaptation of the book. "It's about finding value in athletes, in baseball players — but those principles apply across areas," the billionaire investor and Baupost Group CEO said. Klarman has been heralded as "the next Warren Buffett," including by the Berkshire chief himself. Read more: Table tennis champion Ariel Hsing has been friends with Warren Buffett for more than a decade.
☆ Faraday Future Says It Faces Death Threats Amid Effort to Raise Capital
  + stars: | 2022-09-23 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
Electric-car startup Faraday Future Intelligent Electric said Thursday its company leaders are facing death threats and a misinformation campaign as they try to raise money for the production of its first vehicle. The statement by Faraday comes after one of the Los Angeles-based startup’s largest shareholders sued in Delaware Chancery Court on Monday, alleging that its current board “has driven the company into the ground” since merging with a special-purpose acquisition company, or SPAC, earlier this year.
☆ Some investors backing out of SPAC merging with Trump's media firm
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File PhotoSept 23 (Reuters) - Some investors are backing out of Digital World Acquisition Corp's (DWAC.O) plan to acquire former U.S. President Donald Trump's social media firm Truth Social, the blank-check firm said on Friday. Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced. Register now for FREE unlimited access to Reuters.com RegisterDigital World did not disclose the investors that pulled out. Sources told Reuters Sabby Management, which had committed $100 million to the PIPE, is one of the investors who have terminated. Many are waiting for DWAC to propose more preferred terms to PIPE investors, sources added.
☆ Gone are the days of chunky bonuses and salary increases. Wall Street's top brass are ready to trim their workforces as annual staff cuts return.
  + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com   time to read: +5 min
It's a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they'd ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. For many, the return of staff cuts is kind of a return to normalcy. Fabrice Coffrini/AFP via Getty Images2. Credit Suisse is planning on splitting its investment bank into three parts, according to the Financial Times. The US Securities and Exchange Commission will let Wall Street keep payment-for-order flow, per Bloomberg.
☆ How the IPO market went from 'boom to bust'
  + stars: | 2022-09-23 | by ( Noah Higgins-Dunn | Jeff Morganteen | Jason Reginato | ) www.cnbc.com   time to read: +2 min
From the best of times, to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. The decline has been striking given the record level of proceeds raised through public markets just a year prior. U.S.-listed companies raised over $155 billion in proceeds in 2021 through their initial public offerings, according to data from EY and Dealogic. Part of the clog in the IPO pipeline has been caused by the dismal performance of companies that went public in 2021, Gerring said. Watch the video above to find out how the IPO market went from boom to bust in 2022, and whether experts forecast a rebound in 2023.
☆ The IPO market went from 'boom to bust' in 2022. Here's what's driving the massive slowdown
  + stars: | 2022-09-23 | by ( Noah Higgins-Dunn | ) www.cnbc.com   time to read: +2 min
From the best of times, to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. The decline has been striking given the record level of proceeds raised through public markets just a year prior. U.S.-listed companies raised over $155 billion in proceeds in 2021 through their initial public offerings, according to data from EY and Dealogic. Part of the clog in the IPO pipeline has been caused by the dismal performance of companies that went public in 2021, Gerring said. Watch the video above to find out how the IPO market went from boom to bust in 2022, and whether experts forecast a rebound in 2023.
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