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  "documentTitle": "Digital World Acquisition Corp (DWAC)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "This is a narrative-heavy slide from a short-seller research report (Kerrisdale Capital) focusing on regulatory risk.",
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      "text": "If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks.",
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      "text": "between 2019 and 2021, accounting for more than 3/5th of all U.S. IPOs. In a speech given shortly after the SEC opened its investigation into DWAC, SEC Chair Gary Gensler outlined the agency's intent to crack down on the information asymmetries, conflicts of interest, and potential for fraud inherent in SPACs. In particular, Gensler called out needing to address the obligations of “gatekeepers” – directors, officers, SPAC sponsors, financial advisors, and accounts – and their attempts to use SPACs as a way to arbitrage liability regimes. Gensler might as well have been addressing DWAC. If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks.",
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