The final year of Donald Trump’s first presidency kicked off a boom in so-called special purpose acquisition companies, with hundreds reaching the market. When Joe Biden moved into the White House and cracked down on the murky investments, the frenzy subsided, but with Trump’s return to power SPACs are back. Founders have raised more than $24 billion since the November election, easily exceeding the past two years combined.
A sizable number of them have ties to Trump’s inner circle. Brandon Lutnick, son of the US secretary of commerce; Devin Nunes, chief executive officer of Trump Media ...
