The Latest SPAC News and Rumors: July 8, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Tanzanian entrepreneur plans $4 billion agriculture investment via SPAC, Elizabeth Warren backs SEC’s tougher SPAC plan, and TMTG unveils new features on Truth Social

Tanzanian entrepreneur Dewji plans $2-4 billion grains production investment via SPAC

The head of one of Tanzania’s biggest firms, Mohammed Dewji, said he plans to float an agriculture company worth up to $4 billion in New York or London next year, with money raised mainly from development banks.

Russia’s invasion of Ukraine in February sent global grain and fertiliser prices soaring, though they have retreated in recent weeks. Inflation has subsequently risen in many African countries.

He said he aimed to structure the venture, for which he has yet to secure land, as a SPAC and would himself put up $400 million as 10% to 20% of total funding.

Elizabeth Warren Backs SEC’s Tougher SPAC Plan to Curb ‘Scams and Fraud’

Elizabeth Warren is coming out in support of the US Securities and Exchange Commission’s proposed rules to regulate blank-check companies, urging more protections for individual investors who can fall prey to Wall Street.

In a letter to SEC Chair Gary Gensler on Friday, the Massachusetts senator said she backed the agency’s proposals for SPACs, “which will level the playing field for retail investors and prevent Wall Street insiders from perpetuating scams and fraud to line their own pockets.”

TMTG Unveils New Features on Truth Social

Today, Trump Media & Technology Group (“TMTG”), led by its Chairman Donald J. Trump and CEO Devin Nunes, unveiled significant new features on its free-speech social media platform Truth Social, rapidly delivering another major upgrade for its users.

To provide users with a superior social media experience that augments Truth Social’s chronological feed, today’s update include a Profile Carousel atop the Truth Social feed swiftly connects users directly to the feeds of some of the most popular and active accounts they follow, a Suggested Profiles Carousel is interspersed throughout the feeds, helping users discover new and interesting accounts, and more.

Digital World (NASDAQ:DWAC) entered into a definitive agreement to combine with Trump Media and Technology Group last year on October 21.