Jessica DiNapoli & Anirban Singh

(Reuters) – A merger with the former U.S. president Donald Trump’s social media venture could bring in $420 million. This is a huge win for a former finance executive, who tried for ten years to reinvent himself as a serial dealmaker.

Patrick Orlando, Benessere Capital CEO, held a 423 million dollar stake in Digital World Acquisition Corp. The Miami-based blank check acquisition firm he leads was listed as valued at $423 Million on Thursday, according to Reuters calculations and a regulatory filing.

According to the filing, Orlando spent only $3million in Digital World. He is expected to get the cash because the deal allows him to be a sponsor and receive additional compensation. Digital World shares closed Wednesday trading up 357% following the announcement, giving it a market worth close to $1.5 million.

This is to be certain, the gains mentioned above are only on paper. Orlando can’t cash in on the SPAC terms until six months after completion.

The remarkable reversal in fortunes of the ex-derivatives banker at Deutsche Bank AG (NYSE) who was employed by Peru’s fuel industry, and a U.S. trading firm before attempting to start special purpose acquisitions companies (SPACs), is still impressive.

Benessere, which he started in 2012 as a way to help other companies deal with each other’s deals, was launched last year by him and ARC Capital, a Shanghai-based investment bank.

It was difficult for him to achieve traction. According to regulatory filings, one of his SPACs was based out Wuhan in China and failed to merge with Giga Energy Inc. The merger would have placed the transportation solution provider at $7.3Billion. It could not provide the required cash.

Orlando didn’t respond to our requests for comment.

Trump Media claimed it would get $293 Million in cash, Digital World’s trust money, if there were no shareholders of the acquisition company who chose to cash their shares.

It stated that it would launch a beta version of the social media app in March and begin a rollout for all users by the end of the first quarter in 2022.