The steep correction in tech stocks, in general, and the precipitous collapse of the SPAC market, in particular, has come at the worst possible moment for Donald Trump’s half-cocked efforts to fold his Trump Media and Technology Group into a public company. Last year, of course, he was riding high as Digital World Acquisition Corp, the blank-check company with which TMTG signaled its intent to merge, soared to a meme stockish $100 or so a share, valuing the mostly nonexistent Trump media empire at several billion dollars. Truth Social, which launched earlier this year, was still mostly vaporware, and the president’s investor deck—teasing plans to become a market competitor to CNN, Disney Plus, and Netflix, not to mention “disrupt big tech” and the entire “FAANG monopoly”—was puerile and absurdist and not even quarter-cocked. But investors piled in nonetheless, putting up sufficient funds to give Trump’s post-Twitter, post-presidency art project a fighting chance.