CF Acquisition Corp. VI (NASDAQ:CFVI) is another blank check or special-purpose acquisition company (SPAC) linked to Trump Media and Technology Group (TMTG). This connection to the former president’s nascent media conglomerate is not enough to make CFVI stock appealing. Nor are its plans to take the conservative video-sharing platform Rumble public very enticing.

The U.S. stock market has started 2022 on a very dismal note. Technology companies and high-growth stocks trading at elevated prices have already taken a big hit.

In 2021, SPACs were very popular and in 2022 some of them may, unfortunately, continue to make headlines. Why am I saying, unfortunately? Well I consider SPACs as the definition of a bubble financial asset.

Background on CFVI Stock

Rumble is a conservative video-sharing platform with some interesting features.

Before diving into these interesting features. I’ll make a quick mention of my article “And the Award for Most Dramatic Stock Goes to Digital World Acquisition Corp.” back in Nov. 2021. A brief discussion of this article is necessary to argue my thesis on CFVI stock.

I wrote, “DWAC stock is a strange mix of politics, meme hype, and a complete lack of business details.”

I think that my subheadline titles are somewhat self explanatory: “Politics and Business: Not a Good Combination” and mentioned “Make Business Plans Great Again, Not Meme Stocks,” and wondered “Is Trump a Brand Name to Invest In?”

My conclusion was that “investing in a meme stock based on a SPAC merger for a business that doesn’t fundamentally exist is like willingly boarding the Titanic with hindsight. It will not end well.”

DWAC, CFVI Stock, and Rumble

History in 2022 has proved me wrong, so far at least.

Digital World Acquisition (NASDAQ:DWAC) has already gained approximately 30% year-to-date when other well-established companies have considerable losses. It is okay for an analyst to be wrong on stock performance, but it gets interesting to examine the rationale of this overstretched stock price movement for DWAC stock.

Which can be summed up in two words: Donald Trump.

This article is not about DAWC stock but CFVI stock (and Rumble). They are both closely related though and linked to the former president and share many similarities.

So, what makes Rumble interesting as a video platform?

Checking on Rumble’s official website, investors and, anyone interested in Rumble, are informed that: “We are for people with something to say and something to share, who believe in authentic expression, and want to control the value of their own creations.” What I find very interesting is that Rumble goes on mentioning “We create technologies that are immune to cancel culture.” The bottom line is that Rumble states “We are on a mission to protect a free and open internet.”

Business and the Freedom of the Internet

Former president Donald Trump’s social media company TMTG announced a broad partnership with the video platform Rumble. Trump was banned from major big-tech companies’ social media platforms due to the Capitol riots last year. So, this is a clever move trying to find an alternative or a Plan B to get back on the front line of politics. Or at least the social media world.

Internet should be free and mostly without censorship, but some regulation is also needed and surveillance of what is posted on popular social media to protect human rights, values, ideas.

There are rules and terms users must respect when posting content. This makes total sense. Although most people never read these terms, as I have never read them myself, it is common sense to not post anything that offends other people or promote sensitive content such as drugs, weapons, etc.

Rumble says it will protect a free and open internet. What if Democrats start posting videos about their beliefs and values? Will Rumble be okay with it and let them post freely? Or will it ban them as it has a partnership with Donald Trump?

You cannot claim you are a true supporter of the freedom and independence of the internet and not allow this.

I am also wondering about what type of monitoring Rumble will have on content that is controversial, or even dangerous to the public. To use a somewhat humorous example, what if someone posts a video on how to break into new cars in under one minute exposing their security measures? And the result is that we have a healthy discussion about the latest state of security technology these cars have? Or will it just increases vehicle thefts? And if this video becomes a viral one? Is this freedom of content?

Underlying Fundamentals of SPACs: We’re In The Dark

I do not like SPACs because they are blank check companies with no significant operations. Is CFVI stock different?

In a word: no.

I consider it as another very risky stock because we do not have any financial performance history to analyze. Rumble does not provide any useful information for evaluating its business model other than marketing material such as having more than 36 million average monthly active users, and more than 150,000 creators or that it has paid more than $1 million to creators.

Rumble has already announced that it will invest in Parallel Economy to create an independent payment processor and “protect creators from arbitrary discrimination.”

CFVI Stock Bottom Line

What makes this SPAC gain attention in the absence of any other catalysts is that it is linked to Donald Trump.

However, the dynamics of the business model of Rumble are unknown now. Even the Securities and Exchange Commission (SEC) probe related to Digital World Acquisition has not been a reason for investors to get worried and dump that SPAC.

Is CFVI stock a wise investment now?

There is no catalyst to support this. On the contrary, It is too risky and probably too overvalued as it has a premium of approximately 20% compared to its initial offering price of $10 a share doing nothing, with no business activities.

This is not logical.

I guess the Trump-linked business deal is the only reason that we are now aware of this stock. As it would have otherwise go unnoticed by investors.

Still, it is prudent to stay clear of speculative price swings that have absolutely no strong fundamentals to support them.

On the date of publication, Stavros Georgiadis, CFA did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com/. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn.