Hedge Funder DUMPS shares in acquisition firm that partners with Trump's new ...

Hedge Funder DUMPS shares in acquisition firm that partners with Trump's new ...
Hedge Funder DUMPS shares in acquisition firm that partners with Trump's new ...

Two hedge funds have pulled out of Trump’s new social media network with one saying it conflicts with their ‘values’.

Saba Capital and Lighthouse Investment Partners withdrew as the shares of Digital World Acquisition Corp (DWAC) soared 300 per cent on Friday.

Boaz Weinstein, who owns $3.5bn Saba Capital, announced he was selling his stake in a statement.

'I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done,' Weinstein said.

'Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call.' 

Hedge fund manager Boaz Weinstein, pictured with wife Tali Farhadian Weinstein, said he sold shares in Digital World Acquisition Corp. after learning of its merger with Donald Trump's new media company

Hedge fund manager Boaz Weinstein, pictured with wife Tali Farhadian Weinstein, said he sold shares in Digital World Acquisition Corp. after learning of its merger with Donald Trump's new media company

His firm sold much of its stake in Digital World in early Thursday morning, making a small profit before the shares soared higher.

Weinstein's wife, Tali Farhadian Weinstein, was a candidate for New York District Attorney. She clerked for Judge Merrick Garland, and in the Barack Obama justice department, serving as counsel for AG Eric Holder, who cut a video for her campaign.

Forbes estimated Boaz Weinstein's wealth at $450 million back in 2012 and included him in its lift of 40 top earning hedge fund managers.

Lighthouse Investment Partners also bailed out on the SPAC after the deal was announced, CNBC reported.

Lighthouse had owned 3.2 million shares, or 11 percent of the SPAC. Saba had a 9.3 per cent stake, or 2.4 million shares.

'Lighthouse was not aware of the pending merger and no longer holds unrestricted shares of the SPAC,' the fund said in a statement.

On Wednesday Trump announced plans 'to create a rival to the liberal media consortium and fight back against the "Big Tech” companies.'

The merger involved Digital World Acquisition Corp. – an SPAC or special purpose acquisition company. The firm's market cap

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