(FOXBusiness) As Donald Trump plots his next big move in the business world, could a SPAC offering be in the cards?
Several sophisticated players in the booming business of Special Purpose Acquisition Companies — known on Wall Street as SPACs — say the former president and real estate mogul will be the latest celebrity to sponsor such a business.
FOX Business couldn’t confirm that the nation’s 45th president or his real estate holding company, the Trump Organization, have held formal talks about creating a SPAC.
The former president is best known in the business world for his opulent country clubs and eponymous high-end apartment buildings. But three senior Wall Street executives involved in the SPAC business say speculation is swirling in the industry that Trump is exploring a potential SPAC.
Trump Organization Executive Vice President Eric Trump declined to comment on his father’s efforts but said in a brief statement, “I am not working on anything with any SPAC so I just can’t comment.”
…It’s unclear if Trump’s SPAC ambitions would be part of a possible social media play. It’s conceivable Trump could raise funds to take a social media company, like the pro-free-speech platform Parler, public.
SPACs are shell companies that have no active business operations but are listed on major exchanges where investors can buy shares. They use funds raised by their sponsors and investors to acquire other companies.