At Least 2 Hedge Funds Dumped Their Spac Stakes After A Merger With Trump's New Media Company Was Announced, Reports Say

Former President Donald Trump's new social media site. Chris Delmas/AFP via Getty Images Investors in the SPAC that merged with Trump Media reportedly sold their stakes on the news. "For us, this was not a close call," Boaz Weinstein, of Saba Capital Management, told Bloomberg. Shares of Digital World Acquisition Corp. climbed 357% on Thursday and 107% on Friday. As news hit that former President Donald Trump's new media company, Trump Media & Technology Group, would go public via a SPAC, at least two investors pulled their money, reports said."I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done," Boaz Weinstein, founder of Saba Capital Management, told Reuters.