Former President Donald Trump announced earlier this week that he is launching his own media company, which will include a social media platform and will be partially funded by a merger with a PSPC. One of the investors of the PSPC is however already absent.
The New York Times revealed Thursday night that one of Digital World SPAC’s biggest investors was Saba Capital, a $ 3.5 billion hedge fund. Its founder and director, Boaz Weinstein, told the newspaper that after her company learned that the PSPC it had invested in was funding Trump Media & Technology Group, it sold much of its stake on Thursday morning, realizing a small profit.
Many investors are grappling with difficult questions about how to incorporate their values into their work, Weinstein said. For us, it was not a close call.
Those who invest in a SPAC do not know how their money will ultimately be spent. PSPCs, or “blank check companies,” immediately go public, solicit funds from donors, and then search for companies to merge with.
Digital World Acquisition Corp. was incorporated in Miami, Florida in December 2020, a month after Trump lost the election. The company, owned by CEO Patrick F. Orlando, filed an initial public offering last spring and, in September, raised about $ 282 million, according to an SEC filing, with the IPO in stock Exchange. An additional $ 11 million was raised through the sale to private investors. The company is backed by several large hedge funds which hold significant percentages.
If a merger between Digital World and Trump Media & Technology Group is approved, the new media company will have nearly $ 300 million to work with, in addition to the value of the company.
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