Billionaire Thomas Barrack-backed SPAC withdraws IPO filing

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The company, which had filed for a $250 million IPO in March, did not give a reason for scrapping the proposed share sale.

Earlier this week, Barrack, who chaired Trump’s inaugural fund, was arrested and charged with illegally lobbying the Trump administration on behalf of the United Arab Emirates.

His spokesperson, however, has refuted the charges.

The billionaire founded telecommunications infrastructure-focused private equity firm Colony Capital (NYSE:DBRG) in 1991, which was rebranded as DigitalBridge Group Inc. He stepped down as DigitalBridge’s chief executive in 2020.