Investors go wild for Trump’s Spac

Former US president Donald Trump launched a new social network last week that went through a special purpose acquisition vehicle (Spac). Matthew Lynn analyses.

Trump
Former US president Donald Trump is launching a new social network.
(Image credit: ©Getty Images)

The IPO of Pets.com, a business with a plan so flimsy it fell apart on its first contact with reality... The moment in the late 1980s when the price of Japanese assets soared to such extravagant levels that the land beneath the Imperial Palace was worth more than the whole of California... Every bull market has a moment that crystallises just how over-hyped, and over-exuberant, prices have become. We may have just seen this bull market’s final moment of madness: last week’s deal to take Donald Trump’s new social-media network public.

A way to hear more from Trump

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.