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Illustration: Aïda Amer/Axios

Donald Trump last month was pitched on launching a multi-billion dollar media and technology company built around his personal brand, with the idea that it could go public via a SPAC.

Behind the scenes: The 24-page presentation made its way to Trump's desk at Mar-a-Lago, although it does not seem to have gained traction with the former president.

  • One individual listed as being part of the proposed management team says he is no longer involved, while another says he was never affiliated with the effort.

The idea: Trump Media Group — headed by Trump as its CEO, chairman and president — is referred to in the pitch deck as "a conservative media powerhouse that will rival the liberal media and fight back against 'Big Tech' companies of Silicon Valley."

  • It was to be comprised of three divisions: Trump+ (a subscription-based content business that gets compared to Netflix and Disney+), Trump Social Media (which would take a stake in existing companies or build its own), and Trump Technologies (which would provide alternatives to internet services like AWS and Stripe, and promise not to censor customers).
  • It forecast a base case valuation of $15 billion, with Trump+ alone at $9.2 billion.
  • It also suggested that TMG would go public, and presumably raise capital, via a SPAC. No mention of other funding sources, including if Trump would be asked to invest.

The bottom line: While this particular proposal seems dead in the water, it offers a glimpse into the sorts of business endeavors being presented to Trump, who has expressed interest in building a new media company.

Go deeper

Off the Rails

Trump turns on Barr

Photo illustration: Eniola Odetunde/Axios. Photos: Drew Angerer, Pool/Getty Images

Attorney General Bill Barr stood behind a chair in the private dining room next to the Oval Office, looming over Donald Trump. The president sat at the head of the table. It was Dec. 1, nearly a month after the election, and Barr had some sharp advice to get off his chest. The president's theories about a stolen election, Barr told Trump, were "bullshit."

Scoop: Caitlyn Jenner makes it official for California governor

Caitlyn Jenner. Photo: Paul Archuleta/Getty Images

Former Olympic decathlete and reality TV star Caitlyn Jenner on Friday officially announced her bid for governor of California.

The big picture: Jenner, a longtime Republican, is seeking to replace Democratic Gov. Gavin Newsom in a recall election, hoping her celebrity status and name recognition can yield an upset in the nation's most populous state.

Updated 2 hours ago - World

500 Hong Kong police officers raid pro-democracy newspaper

Chief Operations Officer Chow Tat Kuen (front 2nd R) is escorted by police from the Apple Daily newspaper offices before being put into a waiting vehicle in Hong Kong on Thursday. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong's Apple Daily said 500 police officers searched the pro-democracy newspaper's offices and arrested five senior executives on Thursday.

Why it matters: The arrests of the paper's chief editor, Ryan Law, along with its chief operating officer, two other editors and the CEO of Next Digital, which operates Apple Daily, were made under China's national security law — which gives the government broad power to limit people's political freedom.