Trump Media & Technology Group (DJT, Financial), now stands as the largest SPAC-listed company by market capitalization, with its stock price reaching $33.41, translating to a valuation of $7.247 billion. The company, which went public through a SPAC merger in March 2024, is prominently backed by Donald J. Trump, who owns 56.6% of the shares following his recent presidential election victory. Specializing in social media and technology, DJT's key offerings include the social media platform Truth Social and subscription-based streaming service TMTG+, which features news, documentaries, and podcasts.
Lotus (LOT), a historic British car manufacturer known for its Formula One success, ranks as the second-largest SPAC by market cap, valued at $3.105 billion with a stock price of $4.58. The company has expanded its vehicle lineup to include SUVs, GT cars, and sedans, directly competing with luxury brands like Ferrari (RACE). In addition to its automotive endeavors, Lotus is involved in global licensing for ADAS and robotics technology, with projected sales exceeding 10,000 units for 2024, up from less than 7,000 the previous year.
In 2024, the top four SPAC deals in the U.S. collectively raised over $5 billion, combining private equity financing, post-IPO deals, and $383 million in debt restructuring. Trump Media spearheaded this trend with three funding rounds, securing $2.66 billion, representing more than half of the total capital raised. Lotus followed closely with $1.35 billion raised in four funding rounds. SOC, engaged in offshore energy development, and entertainment giant Lion raised $655 million and $558 million, respectively, securing the third and fourth spots.
The so-called "Trump trades" have gained momentum since the U.S. general elections, fueling DJT's robust performance. On China's A-share market, companies like Chuanda Zhisheng (002253.SZ) experienced significant gains but have recently seen some pullback. In the U.S. equity market, Tesla (TSLA) emerged as one of the biggest beneficiaries, hitting a two-year high of over $358. Other sectors, including cryptocurrency and banking stocks, also demonstrated strong performances.
