*Trump voice* I love my investors and they love me. If you want to know the truth, they say “You’re the best and we’re so excited to back your new venture”. And by the way, that’s why they’re pulling all their money out in the greatest deal I, The Donald, have ever done.

The lowdown

• 🎮 Microsoft is buying Call of Duty maker Activision Blizzard following regulatory approval.

• 🇨🇳 China’s September exports fell less than expected.

• 🪧 Ford says its pay offer to UAW is “at the limit”.

Featured story

Trump SPAC to return $533 million to investors

In 2020, two things were popular: SPACs and Donald Trump. Inevitably, they combined. Digital World Acquisition Corp raised $1 billion and said it would use the money to acquire Trump Media & Technology Group (TMTG), the operator of Trump’s Truth Social platform.

But things didn’t go to plan. SPACs have a two-year deadline to find the company they want to buy and complete the transaction. Digital World failed to meet that deadline in September last year, which means investors can take their money back. It’s now returning the remaining $533 million to those who took part in the deal.

Bizarrely, given what is clearly not good news, TMTG CEO Devin Nunes said that terminating the PIPE (private investment in public equity) was “in the best interest of TMTG's equity holders and completing our merger with DWAC as soon as possible.” Then again, this is the man who once lost a legal battle with a cow that didn’t exist.

The content we're consuming today

• Bloomberg: Billionaire Jim Ratcliffe leads race to invest in Manchester United ($)

• WSJ: South Korea had high hopes for 5G. What happened? ($)

• MIT Technology Review: Think that your plastic is being recycled? Think again

Off-balance sheet items

• Looking for the cheapest plane ticket? Don’t waste your time.

The bottom line