More than $100,000 that had been saved for a home ended up in the company behind Truth Social, one Trump supporter revealed.
For a short time, the bet by truck driver Vadim Fistikan looked like it might deliver a huge return, as Forbes reported. He now tells the outlet that most of that money has been wiped out, and he feels duped.
What happened?
According to Forbes, Fistikan put his savings into the SPAC set up around Truth Social, President Donald Trump's social media company.
"I'm like, 'I'm getting in,'" he recalled to Forbes.
An SPAC is a shell company that raises money and later merges with a private business to take it public, the outlet noted.
Supporters say SPACs can offer a faster path to going public, but critics have long warned that these deals can be structured in ways that benefit early insiders while leaving later investors exposed to major losses.
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Fistikan told Forbes that the stake once grew to about $205,000 before falling to roughly $30,000.
"I'm like, 'Hey, this is a scam,'" he related to Forbes. "And a lot of people were like, 'No, you're just a Trump hater.'"
Futurism also reported on another Trump-linked SPAC involving firearm retailer GrabAGun. That stock reportedly opened at $21.40 before falling sharply, and it now trades well below that level.
Why does it matter?
Money meant for a house, retirement, or emergency savings can disappear quickly when it is tied up in a single highly volatile asset.
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That risk becomes even greater in markets driven by hype, celebrity, politics, or online momentum. Trump-linked ventures have drawn attention not only through SPACs but also through crypto-related projects.
Some crypto projects aim to improve payments or help finance clean energy development, and some mining operations can run on cleaner energy sources. At the same time, parts of the industry have faced criticism over heavy energy use, limited transparency, and sharp price swings.
A high-profile name or popular brand may move markets in the short term, but that does not guarantee lasting value.
What can I do?
Avoid putting money for near-term goals into highly speculative investments. Funds that may be needed within the next few years are generally safer in less volatile places, even if the potential gains may seem smaller.
Understanding how SPACs and similar deals are structured can help before investing. Early sponsors often get in on terms that differ significantly from those available to everyday investors, leaving later buyers more vulnerable if the excitement fades.
Transparency, clear business models, and realistic use cases can matter far more than celebrity endorsements or political branding. Keeping positions limited and staying diversified can help prevent a single bad bet from upending a major life goal.
Fistikan's account with Forbes shows that getting in early can backfire quickly.
"I'm like, 'no. I was on board since day one… I'm now broke," he told the publication.
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