I am no lawyer, he has to post a bond according to NY law. He may be able to argue in federal court that this state law is a due process violation, stripping him of his rights and privileges as a citizen.
The SPAC may grant him a waiver but as a new issue it will be difficult. As you said, some forms of equity swaps may be possible off the exchange. Or something even more complicated. I understand it’s a going concern, but how do the big investors see it as a long term investor? Is it really worth $7 billion or whatever the market cap is?
“but how do the big investors see it as a long term investor?”
I suspect that is why Trump paid a call on Elon last week. Elon was coy about what they spoke. I would not be surprised if, owning the major social media company and familiar with the industry and Truth Social, Elon and he discussed a private placement of some of Trump’s shares directly with Elon once the IPO went public. Ultimately, Elon might want to acquire the whole magilla if he finds there is a synergy and can build his X base with it