Trump’s media company investigated the PSPC deal


That month, a small investment bank, Kingswood Capital Markets, which has frequently partnered with ARC, made a presentation to members of Benessere’s board of directors. Marked “strictly private and confidential,” the submission, reviewed by The Times, listed about a half-dozen possible acquisition targets. One of them was Trump Media. Kingswood, now called EF Hutton, estimated that Trump Media was worth $ 1.5 billion and that within a few years it could generate $ 2.3 billion in annual revenue.

Sergio Camarero, managing partner at ARC, told Benessere officials that Trump Media was their preferred target. Some Benessere officials, however, were hesitant because they didn’t want anything to do with Mr. Trump, said two people familiar with the talks.

Mr. Camarero did not respond to requests for comment.

ARC quickly turned to Digital World, its other SPAC, as a potential vehicle to merge with the Trump company. The ARC recently appointed Mr. Orlando as chief executive of Digital World, after his previous CEO failed to raise enough money to get him started, a person with direct knowledge of the situation said.

The video conference call involving ARC, Mr. Orlando, Mr. Veloso and members of the Trump team took place in early April. At the time, Digital World had not yet filed with the SEC to sell its shares to the public. He did so seven weeks later, on May 26.

“We have not selected any specific business combination target and we have not, or anyone on our behalf, entered into substantive discussions, directly or indirectly, with a business combination target,” said Digital World in its original file.

Disclosure was important. Because regulators allow blank check companies to sell their shares to the public with minimal financial disclosure, companies are not allowed to have merger partners in mind prior to their IPOs. while escaping rigorous public scrutiny.


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