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- Investors in PSPC which merged with Trump Media reportedly sold their news stakes.
- “For us, it was not a big blow,” said Boaz Weinstein, of Saba Capital Management, Bloomberg.
- The shares of Digital World Acquisition Corp. climbed 357% Thursday and 107% Friday.
As news broke that former President Donald Trump’s new media company, Trump Media & Technology Group, would go public via a SPAC, at least two investors withdrew their money, according to reports.
“I knew that for Saba the right thing was to sell our entire stake in unrestricted shares, which we have now done,†said Boaz Weinstein, founder of Saba Capital Management. Reuters.
Shares of Digital World Acquisition Corp., a
SPAC
, or special acquisition company, soared last week when it merged with Trump’s new company. Saba sold in the “early hours” of the market on Thursday, making a small profit, The New York Times reported.
Boaz Weinstein, Founder and Chief Investment Officer at Saba Capital Management.
Richard Brian / Reuters
Digital World shares surged Thursday to $ 45.40 each, a gain over one day of 357%. On Friday, the stock continued to advance, reaching $ 175 per share, a gain of 285%, at midday before dropping back down. The stock ended the day at $ 94.20 per share, a gain of 107%.
Reuters reported that Lighthouse Investment Partners has also withdrawn its investment. In a statement sent to Reuters on Friday, the investment firm said: “Lighthouse was not aware of the ongoing merger and no longer holds unrestricted shares of PSPC.”
Saba had a 9.3% stake in SPAC, while Lighthouse had an 11.2% stake, CNBC reported, citing documents filed with the U.S. Securities and Exchange Commission in September.
In a statement sent by email to Bloomberg, Weinstein said, “Many investors are grappling with difficult questions about how to incorporate their values ​​into their work. For us, it was not a big blow.
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