The Trump SPAC is upon us.

Trump Media & Technology Group's mission is to create a rival to the liberal media consortium and fight back against the "Big Tech” companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.

Trump Media & Technology Group (“TMTG”) will soon be launching a social network, named "TRUTH Social."

Additionally, TMTG intends to launch a subscription video on demand service (TMTG+). TMTG+ will feature 'non-woke' entertainment programming, news, podcasts, and more.

Equinox, whose gyms are frequented by Wall Street staffers among others, is in talks to go public through a merger with Ares Acquisition Corp. (AAC) after talks with one of Chamath Palihapitiya’s blank-check companies collapsed, according to people with knowledge of the matter.

Deliberations are ongoing and may not result in a transaction, the people said, asking not to be identified discussing private information. The valuation couldn’t be learned. 

Representatives for Ares and Equinox declined to comment.

Ares Acquisition raised $1 billion in its February initial public offering. It is backed by Ares Management Corp., an alternative asset manager. A co-founder of Ares Management, David Kaplan, is the SPAC’s co-chairman and chief executive officer.

Equinox held talks with Palihapitiya’s Social Capital Hedosophia Holdings Corp. VI (IPOF) earlier this year. That deal could have valued Equinox at more than $7.5 billion including debt, a person with knowledge of the matter said at the time.

The Metals Company (TMC) has big ambitions to mine the depths of the Pacific Ocean for rare earth metals used to power everything from iPhones to electric vehicles. The problem is that it is short on cash. The Canadian start-up went public last month through a special purpose acquisition company but has been left high and dry by one investor who was meant to hand over 60 percent of $330m it had been counting on to start digging but has now all but disappeared.

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The Metals Company did not name Ramas Capital when it first announced the missing Pipe money in early September, but it has since filed a lawsuit against the firm in New York’s Supreme Court in an attempt to get the funds.

According to the complaint, Ramas Capital, a small outfit registered to a residential building in River Oaks, Texas, and solely controlled by energy investor Betanabhatla, agreed to buy 20m shares in The Metals Company at $10 apiece.

Despite Ramas Capital contributing almost two-thirds of the Pipe for SOAC’s deal with The Metals Company, its name does not appear in the press release announcing the transaction, which includes other investors, like shipping group Maersk and Allseas, a literal pipeline constructor.

The Metals Company is also pursuing Ethos Capital, a San Francisco-based private equity firm, for $20m, which according to a separate complaint filed in New York’s Supreme Court has said it only has $3.6m to contribute.

Companies and their advisers are, as part of the due diligence process, expected to ensure that Pipe investors have enough cash to fulfill their obligations.

In response to questions sent by the Financial Times, The Metals Company said it was “shocked and disappointed” that Ramas Capital had failed to deliver the funds, but added it had “sufficient capital” to meet its objectives.

The Metals Company said Betanabhatla provided documentation that showed Ramas had a $1.5bn natural resources fund backed by a sovereign wealth fund. Another person who was present during the meetings said the energy investor assured the company it had drawn “sufficient funds to fulfill its $200m commitment”.

“Due diligence on Ramas included the review of the agreements with the fund’s [limited partners] and representation that cash already in Ramas’s control was well in excess of their Pipe commitment,” the company said.

“In fact, allocations for other Pipe investors were cut back to make additional room for Ramas given their strategic contributions, such was the confidence of SOAC’s advisers in the due diligence process,” it added.