'This Is How You Pump A SPAC, Son:' Google Shows Meme Featuring Trump, Ackman Instead Of Logo On DWAC Page
Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) search engine Google is featuring a meme on former President Donald Trump-linked special purpose acquisition company Digital World Acquisition Corp's (NASDAQ:DWAC) page instead of a logo.
What Happened: The search engine serves up a meme featuring the former president and billionaire investor Bill Ackman, who is also the chairman and CEO of SPAC Pershing Square Tontine Holdings, Ltd (NYSE:PSTH) on the DWAC page at a spot which typically features the logo of the concerned company.
The meme shows up when a user searches for Digital World Acquisition Corp stock price or when they look up the DWAC ticker.
A Screenshot Of The Meme On Google.Com Search Engine
In the meme, Trump can be seen placing his hand on Ackman’s shoulder. The included text reads, “This is how you pump a SPAC, son.”
Photo: Courtesy of u/TontineSoleSurvivor via Reddit
The image is the top result for DWAC stock as of press time on Google search for images and seems to originate from a wccftech story, which in turns credits Reddit user u/TontineSoleSurvivor for having created the meme.
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Why It Matters: Notably, Ackman’s Pershing Square Tontine Holdings is one of the largest and best-known names among SPACs.
In October, Trump announced a new social media platform along with a subscription video on demand service called “TMTG+.”
The Trump Media & Technology Group (TMTG), under which these upcoming platforms would operate, would be publicly traded after it merges with the SPAC Digital World Acquisition Corp.
Soon after Digital World Acquisition shares surged with one day in October witnessing over 300% gains in the stock.
The blank check company's shares achieved “meme” status but also attracted its fair share of skeptics who questioned the company’s $875 million valuation.
This week, Sen. Elizabeth Warren (D-Mass.) asked the U.S. Securities and Exchange Commission to look into the TMTG-Digital World Acquisition SPAC deal after noting news reports related to securities violations, reported CNBC.
“The reports about DWAC and Trump Media and Technology Group appear to be a textbook example of a SPAC misleading shareholders and the public about materially important information," the senator said.
Price Action: On Monday, Digital World Acquisition shares fell almost 12.4% lower at $44.85, and declined another 1.45% in the after-hours session.
On the same day, Alphabet Class A shares traded 1.76% lower at $2,926.04. The company’s Class C shares traded 1.92% lower at $2,941.57.
Read Next: The Pre-DWAC Fiasco: Recalling Trump's First Attempt At Running A Public Company
Photo: Courtesy of Gage Skidmore via Flickr