Donald Trump’s social media venture nets huge profits for hedge funds
source link: https://www.telegraph.co.uk/business/2021/10/22/donald-trumps-social-media-venture-nets-huge-profits-hedge-funds/
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Donald Trump’s social media venture nets huge profits for hedge funds
Plus, $100bn wiped off tech stocks after Snapchat owner warns of advertising troubles
A group of Wall Street hedge funds are sitting on huge paper profits after a “blank cheque” firm they invested in struck a deal to merge with Donald Trump’s new social media business.Digital World, a special purpose acquisition company (Spac), began trading in September and was initially valued at just $250m (£181m).But the firm’s shares have rocketed since it revealed a tie-up with Mr Trump’s new venture, Truth Social, taking its market capitalisation to more than $4bn (£2.9bn) at one stage.The former US president has vowed his business will “stand up to the tyranny of Big Tech” after he was...
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