Eric Trump and Donald Trump Jr. are venturing into a new business domain, this time in the manufacturing sector. The sons of President Donald Trump are spearheading a special-purpose acquisition company (SPAC) that is targeting American manufacturers.
Trump-Backed SPAC Eyes $300Million To Boost US Manufacturing
The SPAC, named New America Acquisition I Corp., filed for a $300 million public offering on the New York Stock Exchange on Monday, reported The Wall Street Journal.
SPACs are publicly listed shell companies that seek to merge with private companies, enabling the private company to go public while bypassing some of the traditional initial public offering (IPO) regulations.
New America seeks merger targets "that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains," stated securities filing.
The SPAC plans to acquire one or more companies with a total enterprise value of at least $700 million. As advisors to New America, the Trump brothers have been granted founder shares, which can be converted into common stock once the SPAC completes its merger with a target company.
The SPAC's approach echoes President Trump's reasoning for implementing tariffs aimed at strengthening American industry and creating jobs. New America will be helmed by CEO Kevin McGurn, an experienced media and tech executive, with guidance from Kyle Wool, president of an expanding investment firm tied to the Trump sons' business interests.
Trump Family Draws Scrutiny Over Crypto, SPAC Moves
The Trump family’s expanding business interests have drawn scrutiny for potential conflicts of interest, with allegations of profiteering from the presidency. They are major stakeholders in the cryptocurrency industry and have previously used SPACs for business ventures, including Trump Media & Technology Group (NASDAQ:DJT) and online firearm retailer GrabAGun.
However, Eric Trump defended the family’s business practices in an interview with the Financial Times, stating that the family never gained from the presidency and instead took losses. He also highlighted the family’s growing focus on cryptocurrency as a “perfect hedge” for their real estate portfolio.
In July 2025, despite financial challenges and millions in losses, Eric Trump remained unfazed about the financial performance of the family’s golf course, Trump Turnberry. He stated that the family didn’t bother about the losses.
Notably, Trump Media & Technology Group Corp. reported a net loss of $20 million for the second quarter, with revenue totaling just $883,000. The figures underscore the company's ongoing challenges in monetizing its core platforms, Truth Social and Truth+, despite pursuing bold ventures in the digital asset space.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
