In October 2021, Donald Trump was eager for revenge. Nine months earlier he had been banned from Twitter, depriving him of his primary means of communicating with his followers. His solution? Build his own Twitter, dubbed Truth Social. As soon as he announced the plan, supporters piled into Truth Social’s special purpose acquisition company (SPAC). Shares shot up from $10 to $175 in two days, implying that the business was worth $22 billion, his interest amounting to $19 billion.
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(This story appears in the 05 May, 2023 issue of Forbes India. To visit our Archives, click here.)