Trump’s new social media SPAC is soaring. Also, what is a SPAC?

The former president previously ran a publicly traded company, Trump Entertainment Resorts, which included his Atlantic City casinos. It operated for roughly two decades starting in 1995, but for Trump’s investors, it was a disaster: The company lost more than $1 billion, its stock price nosedived, and it filed for bankruptcy three times, in 2004, 2009 and 2014. Trump himself made out well, however: He collected more than $44 million in salary, bonuses and other compensation.