Apparently it's legal to create a holding company and convince other people to invest in it so that you can buy something worthless from yourself at an inflated price, and leave your investors holding the check while you laugh your way out the front door.
As I understand it, DWAC raised about $300m from a handful of hedge funds when they went public. Then they did the merger. The initial investors have done great and I assume most have dumped out of the stock now for something like a 20x return. The bag holders will be the individual investors buying stock on the open market today
BTW... The $300m in cash raised by DWAC is basically all that the Trump media group (DJT) has on its balance sheet, and it burnt something like $60m in the 1st qtr. Basically zero revenue. Not a real business.... More similar to tulip trading.