Trump Sons Gain Founder Shares Worth Nearly $50M Stake In SPAC Company

New America Acquisition 1 Corporation has hired Donald Trump Jr. and Eric Trump as advisers, according to the AP. The newly formed SPAC granted them "founder shares" worth an estimated $50 million in paper wealth. The company has no current operations and plans to acquire a U.S. manufacturer aligned with the president’s pro-manufacturing trade policies. After inquiries from the Associated Press, the filing was revised to remove the language, with outside counsel attributing the line to a "scrivener’s error." Ethics experts criticized the move as an attempt to use public office for private gain. New America is a SPAC, a publicly traded company formed to acquire another business and take it public.