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☆ Trump Media Buyer Gets More Time to Complete Long-Delayed Merger
▼ + stars: | 2023-09-05 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Shareholders of a cash-rich shell company approved a measure on Tuesday that will give the firm 12 additional months to complete its long-delayed merger with former President Donald J. Trump’s social media company. The shareholder vote increases the likelihood that Trump Media & Technology Group will get access to at least $300 million in badly needed cash to operate Truth Social — a right-leaning social media platform. Online ads on the social media platform also account for a critical piece of Mr. Trump’s fund-raising effort for his 2024 presidential campaign. The shell company, Digital World Acquisition Corp., raised the $300 million in a September 2021 initial public offering. A little over a month later, the company, set up as a special purpose acquisition company, or SPAC, announced the deal to merge with Trump Media.

Persons: Donald J, Trump’s Organizations: Trump Media & Technology Group, Trump Media

☆ Vietnamese EV maker VinFast fails to cement meme stock status as eye-popping rally fades quickly
▼ + stars: | 2023-09-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Frantic trading in VinFast has raised eyebrows, but it's still far from becoming a meme stock. After a head-scratching six-day winning streak, VinFast has lost 60% this week, cutting its gains since its market debut to about 170%. No meme stock VinFast's short-lived rally is reminiscent of the trading frenzy last year in AMTD Digital, a little-known Hong Kong-based fintech company, where the stock was up more than 20,000% in just two weeks. The stock is now trading at $5.60 apiece, nearly 30% lower than its initial public offering price of $7.80. The SPAC market dried up over the past year as interest rates surged and regulatory pressure ramped up.

Persons: VinFast, Marco Iachini, I'm, Iachini, Alex Harring Organizations: Ford, GM, Vanda Research, AMTD, GameStop, Nasdaq, Black Locations: VinFast, Hong Kong

☆ Better and VinFast go volatile after debut with SPAC-mergers
▼ + stars: | 2023-08-31 | 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 EmailBetter and VinFast go volatile after debut with SPAC-mergersCNBC's Deirdre Bosa takes a look at the return of the SPAC.

Persons: Deirdre Bosa Organizations: SPAC

☆ Why the SPAC comeback is as volatile as ever
▼ + stars: | 2023-08-31 | 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 EmailWhy the SPAC comeback is as volatile as everCNBC's Deirdre Bosa joins 'The Exchange' to discuss renewed momentum in SPAC, upcoming SPACs debuting in the public market, and the strategy of using SPACs over traditional IPOs to get more upside from retail investors.

Persons: Deirdre Bosa Locations: SPAC

☆ Vin Fast suffered an $83 billion wipeout after the EV start-up's shares plunged 44% in a single day
▼ + stars: | 2023-08-30 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

VinFast stock plunged 44% Tuesday, reducing its market value by $83 billion. The EV maker's shares are thinly traded and it expects to sell just 50,000 cars this year. Shares in the little-known, Vietnamese company closed 44% lower, but it's still worth about $107 billion – more than double the market cap of Ford. Founder Pham Nhat Vuong still controls 99% of the stock, having issued just 1% of its 2.32 billion shares to the public. Vuong also suffered a massive hit to his paper wealth Tuesday, with VinFast's losses eroding the value of his stake from $141 billion to $74 billion, according to Barron's.

Persons: VinFast, Ford, Pham Nhat Vuong, Vuong Organizations: EV maker's, Service Locations: Wall, Silicon

☆ What's going on with VinFast stock? The electric vehicle SPAC has soared more than 800% since its debut and is worth more than Ford.
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

VinFast soared as much as 830% since it went public via a SPAC IPO earlier this month. The Vietnam-based electric vehicle maker released its cars on the US market earlier this year. The small float of available shares of VinFast could be the main factor behind the sharp stock rally. Vietnam-based VinFast has seen its stock soar as much as 830% since it went public via a SPAC IPO earlier this month. So why is VinFast stock so high?

Persons: it's, VinFast, MotorTrend, Faraday, Pham Nhat Vuong, Jim Chanos isn't Organizations: Service, Toyota, Ford, General Motors Locations: Vietnam, Wall, Silicon, VinFast's, VinFast

☆ Veteran short-seller Jim Chanos calls soaring electric carmaker VinFast a '$200 billion meme stock'
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Vietnamese electric carmaker VinFast has seen its shares skyrocket since it went public on August 15. Its market capitalization now stands at over $190 billion – but some investors cannot hide their disbelief. Veteran short-seller Jim Chanos called the carmaker a "$200B meme-stock" in a post on X. Monday's close saw the market capitalization of the lossmaking EV firm hit an eye-watering $190 billion – more than Ford, General Motors, and Chrysler Stellantis combined. AdvertisementAdvertisementFor veteran short-seller Jim Chanos, however, the stock is being driven by a retail investor craze and little else.

Persons: Jim Chanos, Monday's, Drew Dickson, Dickson, VinFast, Le, Thuy Organizations: Service, Ford, General Motors, Chrysler Stellantis, Vanda Research, Bloomberg, Albert Bridge Capital, Toyota Locations: Wall, Silicon

☆ The CEO best known for firing 900 staff on a Zoom call now says he's 'worked really, really hard' to be 'more empathetic' and to treat people with 'kindness'
▼ + stars: | 2023-08-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Better.com CEO Vishal Garg is known for firing hundreds of staff on a Zoom call in 2021. Garg now says he has "worked really, really hard" to be a kinder boss. AdvertisementAdvertisementBetter.com CEO Vishal Garg says he's "worked really, really hard" to be a kinder boss after firing over 900 people on a Zoom call. Garg is best known for laying off hundreds of Better.com staff via a brutal Zoom call in 2021. "I think I was very mission-centric, customer centric, and really, really focused on what it took to drive growth," Garg added.

Persons: Vishal Garg, Garg, he's, I've, TechCrunch, Better.com Organizations: Morning, Nasdaq, Aurora Acquisition Corp

Trump, who had over 88 million followers when Twitter banned him, posted a photo on Thursday of the mug shot with the words: "ELECTION INTERFERENCE! On Thursday evening, Trump broke from a vow that he would stick exclusively with his new platform Truth Social, the app developed by his Trump Media & Technology Group (TMTG) startup. Trump had 6.4 million followers on Truth Social as of Thursday. Truth Social has been Trump’s main source of direct communication with his followers since he began posting on the app regularly in May. The former president has used Truth Social to promote his allies, criticize his opponents and defend his reputation amid legal scrutiny from state, congressional and federal investigators.

Persons: Donald Trump, Trump, Elon Musk, ”, Georgia's, Tucker Carlson, TMTG, DWAC, Eric Beech, Costas Pitas, Mike Scarcella, Howard Goller, Stephen Coates Organizations: Twitter, U.S . Capitol, House, U.S, REUTERS Acquire, Fox News, Trump Media & Technology, Trump, Department of Justice, SEC, DWAC, TMTG, U.S . Constitution, Thomson Locations: Fulton County Jail, Georgia, Francisco, U.S ., U.S, California, Pasadena , California

The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.

Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington

☆ SPACs can't be killed
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. Although SPACs raised just $13 billion last year, this week produced a deal that looks like it could have happened during the heyday. From U.S. presidential hopefuls’ forays to a continued SPAC king’s virality, SPACs’ reach is a reminder that they are hard to kill. This week, one of those SPACs bought Better.com, a mortgage lender led by Vishal Garg and backed by SoftBank Group (9984.T). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Chamath Palihapitiya, Brendan McDermid, SPACs, Vishal Garg, Donald Trump, Vivek Ramaswamy, lister Chamath Palihapitiya, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: Social Capital, Investment, REUTERS, Reuters, SoftBank Group, Securities and Exchange Commission, X, KKR, Thomson Locations: New York City, U.S

The development comes days after SoftBank Group-backed (9984.T) chip designer Arm Holdings made public its IPO filing. Instacart said its revenue had surged to $1.48 billion in the six months ended June 30, compared with $1.13 billion in the same period last year. Net income was $242 million during the six-month period, compared to a $74 million loss a year earlier, Instacart said. Customers can order through the Instacart app, and an Instacart "shopper" delivers the product in as little as 30 minutes. Unlike in an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public.

Persons: Dado Ruvic, Mark Schwartz, Mike Bellin, Instacart, Goldman Sachs, Fidji Simo, Frank Slootman, Niket, Savyata Mishra, Shilpi Majumdar, Shinjini, Maju Samuel Organizations: REUTERS, SoftBank, Arm Holdings, PricewaterhouseCoopers U.S, San, underwriters, Nasdaq, Facebook, Canada, CVS, Reuters, Thomson Locations: San Francisco, United States, Snowflake, Bengaluru

☆ The CEO who brutally fired hundreds of the people on Zoom is taking his startup public in a move that could make or break him
▼ + stars: | 2023-08-24 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

Vishal Garg is taking Better, a mortgage startup, public through a long-delayed SPAC deal. Read what he said about making strategic acquisitions and the millions in company loans that stand to be forgiven. But CEO Vishal Garg, known for brutally laying off hundreds of employees via Zoom, insists he has a plan. One former employee told Insider that the move seems like a "Hail Mary," both for Garg personally and for the business more broadly. Here is what Garg said about his vision for the company and how he will spend the money Better receives from the IPO.

Persons: Vishal Garg, Garg, SPACs, Mary, refinancings, it's, SoftBank, indemnifying, —, It'll Organizations: & Finance, Aurora Acquisition Corp, Nasdaq, World Trade Center, Federal Reserve, Silicon, Better, Mortgage, SEC, Scotsman, Aurora, Insider Locations: Garg, refinancings, Queens , NY

☆ Vietnamese internet startup VNG files for IPO in the US
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Aug 24 (Reuters) - Vietnamese internet company VNG Corp has filed for an initial public offering (IPO) in the United States via VNG Ltd, a U.S. Securities and Exchange Commission filing showed. IPO proceeds will be used to pay original foreign investors who were direct shareholders of the company and repay outstanding loans, among others, the filing showed. Founded in 2004, VNG was Vietnam's first unicorn, or startup valued at $1 billion or more, and it inked a preliminary agreement in 2017 with U.S. bourse operator Nasdaq Inc to explore an IPO. The Ho Chi Minh City-headquartered company's businesses include online games, payments, cloud services and Vietnam's most popular messaging app, Zalo. Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: VNG, Morgan Stanley, VinFast, Seth Farbman, Yantoultra Ngui, Jacqueline Wong, Sonali Paul Organizations: VNG Corp, VNG Ltd, U.S . Securities, Exchange Commission, HK, Temasek, U.S . bourse, Nasdaq Inc, Citigroup, UBS, Bank of America, underwriters, U.S ., DoubleDragon Corp, Nasdaq, Carsome, New, VStock, Thomson Locations: SINGAPORE, United States, Vietnam, U.S, Singapore, Chi Minh City, U.S . Philippine, New York

☆ Better.com CEO Vishal Garg on going public: We're disrupting the U.S. housing market
▼ + stars: | 2023-08-24 | 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 EmailBetter.com CEO Vishal Garg on going public: We're disrupting the U.S. housing marketVishal Garg, Better.com founder & CEO, joins 'Squawk Box' to discuss the company going public on the Nasdaq via a SPAC merger with Aurora Acquisition Corp., the mortgage lender's rough road to debut amidst layoffs, losses and SEC probe, the mortgage business at large, and more.

Persons: Vishal Garg Organizations: Nasdaq, Aurora Acquisition Corp, SEC

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. U.S. home builder confidence weakened in August, as mortgage rates and stubbornly high housing prices discouraged prospective buyers. Better enjoyed huge growth during the onset of the COVID-19 pandemic when mortgage rates cratered, notching more than $850 million in revenue in 2020, filings show. When interest rates fall, Better expects huge demand for cash-out refinancings, which it says it will be able to deliver in one day. Earlier this year, Better.com launched a one-day mortgage product, allowing customers to get pre-approved, lock in a rate and get a mortgage commitment letter within 24 hours.

Persons: Vishal Garg, Garg, Better.com, Hannah Lang, Michelle Price, Mark Potter Organizations: Nasdaq, REUTERS, Federal, refinancings, Aurora Acquisition Corp, U.S . Securities, Exchange Commission, SEC, Better, Zoom, Thomson Locations: New York City, U.S, SoftBank, Aurora, Washington

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

☆ Automakers are finally embracing lidar sensors. A few startups look like market-share winners
▼ + stars: | 2023-08-18 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +6 min

In this article INVZLAZROUSTINVZLAZROUST Follow your favorite stocks CREATE FREE ACCOUNTA Hesai lidar sensor on top of a vehicle in Shenzhen, China, July 10, 2022. Jade Gao | AFP | Getty ImagesFor investors in lidar startups, this has been a long time coming. After years of talk — and a SPAC boom in the sensor sector — automakers have finally started incorporating lidar units into their vehicles. Lidar, short for light detection and ranging, is a sensor technology that uses invisible lasers to create a detailed 3D map of the sensor's surroundings. Playing into investors' intense interest in self-driving technology, many lidar startups went public via mergers with special purpose acquisition companies, or SPACs, over the last few years.

Persons: LAZR, INVZ LAZR, Jade Gao, They're, Luminar, —, Omer Keilaf, Keilaf, Innoviz, Austin Russell, Russell, we'll, Tom Fennimore Organizations: AFP, Getty, BMW, Volkswagen, Refinitiv, Volvo, Polestar, Benz, Luminar Technologies, Bloomberg Locations: Shenzhen, China, Germany, U.S, SPACs, Orlando , Florida

☆ VinFast loses almost half its value as shares hit the skids after spectacular $85 billion market debut
▼ + stars: | 2023-08-18 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Shares in VinFast soared on its Spac-led debut in New York Tuesday, leaving it worth $85 billion. The Vietnamese EV carmaker has sunk since then, losing almost half its value. After the first day of trading in New York, shares in the Vietnamese electric carmaker closed at $37, leaving it worth about $85 billion – far more than Ford, General Motors, or Chrysler Stellantis. However, VinFast But has dropped sharply over the past two days, losing more than half its 255% gains on its Nasdaq Global Select Market debut. VinFast delivered just 11,300 vehicles in the first half of this year, per a company presentation.

Persons: Pham Nhat Vuong, Le, Thuy, VinFast Organizations: carmaker, Service, Ford, General Motors, Chrysler, Nasdaq, Bloomberg Locations: New York, Wall, Silicon, VinFast

☆ WeWork plunges another 11% after announcing reverse stock split to try and keep NYSE listing
▼ + stars: | 2023-08-18 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

WeWork , the office-sharing company once valued at $47 billion, said Friday it will undergo a 1-for-40 reverse stock split to try and keep its stock from being delisted. "The Reverse Stock Split is being effected to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on the New York Stock Exchange," WeWork said in a filing with the SEC. The reverse split will take effect after the close of trading on Sept. 1, the company said. The move will do nothing to improve the company's financials or valuation but, based on Friday's close, it would lift the stock price to $5.60. With or without a higher stock price, WeWork is in dire straits.

Persons: WeWork, Masayoshi Son's SoftBank, Andrew Ross Sorkin, Adam Neumann Organizations: New York Stock Exchange, SEC, NYSE

☆ Shell Company Seeks to Extend Deadline for Merger With Trump Media
▼ + stars: | 2023-08-17 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The shell company seeking to merge with former President Donald J. Trump’s social media company announced late Wednesday that it had postponed a crucial meeting of shareholders scheduled for Thursday, at which it hoped to announce that investors had agreed to give it more time to complete its long-delayed deal. The company is now giving shareholders until Sept. 5 to approve the measure to give it more time to complete the deal with Trump Media & Technology Group. That is just three days before the shell company, Digital World Acquisition Corp., would be forced to begin to liquidate and return the $300 million it raised from investors in a September 2021 initial public offering. Digital World was set up as a special purpose acquisition vehicle, or SPAC, which raises money by going public to finance a future merger — in this case, Trump Media. The merger was announced on Oct. 21, 2021, and Digital World now is trying to get 65 percent of its roughly 400,000 shareholders to approve the extension for the deal.

Persons: Donald J Organizations: Trump Media & Technology, Trump Media, Securities and Exchange Commission

☆ High services costs make UK rate-cutting laggard
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Aug 16 (Reuters Breakingviews) - UK inflation is slowing, according to many metrics. Unfortunately, those are not the ones the Bank of England values the most. Prices in that category grew 7.4% in July, faster than June’s 7.2%, due to more expensive restaurants, hotels and airfares. Policymakers keep a close eye on services’ prices and wage growth, which hit a record in the three months to June.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, Francesco Guerrera, Exor’s Philips, Bain, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Bank of, Office, National Statistics . Services, European Central Bank, U.S . Federal Reserve, Twitter, FC Barcelona’s, Messi, Thomson Locations: London, Britain, Bank of England, June’s

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

☆ Vinfast reminds me of the colossal failures of Lucid and Nikola, says Jim Cramer
▼ + stars: | 2023-08-16 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Vinfast reminds me of the colossal failures of Lucid and Nikola, says Jim Cramer'Mad Money' host Jim Cramer takes a look at EV SPAC Vinfast and why it could be a disaster waiting to happen.

Persons: Nikola, Jim Cramer Organizations: SPAC

☆ Wheels Up flies for now, but private-jet rivals see opportunity
▼ + stars: | 2023-08-16 | by ( Allison Lampert | ) www.reuters.com time to read: +4 min

Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines (DAL.N). Two operators have closed down since May in the face of diminished traffic and higher labor costs could force some private-jet operators out of business. While private flying remains above 2019 levels, traffic has slowed since the pandemic, when wealthy passengers sought to avoid crowded commercial airports. The company, which provided third-party flying service to Wheels Up, faces a lawsuit from Wheels Up over a contract dispute. Jamie Walker, chairman of U.S. private jet operator Jet Linx, said he sees opportunity for both organic growth and acquisitions due to the softening marketplace.

Persons: Brian Foley, Foley, Jim Segrave, Uber, Dynamics's, Canada's, Travis Kuhn, Justin Crabbe, Andrew Collins, Jamie Walker, Linx, " Walker, Allison Lampert, Ben Klayman, Andy Sullivan Organizations: Delta Air Lines, Rivals, Gulfstream, Canada's Bombardier, U.S, Argus, North, Thomson Locations: U.S, New York, Miami, North Carolina, Montreal

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