D.E. Shaw and Saba Capital Management own stakes in a special purpose acquisition company. Former President Donald Trump announced plans to create his own publicly traded media firm through a reverse merger. Highbridge Capital Management and Palm Beach, Florida-based Lighthouse Investment Partners also hold shares of the blank-check company. Digital World's market value rose 357% to $1.83 billion. Trump said the deal will allow him to build a new social media presence. The new company will be called Truth Media, according to a statement from Trump Media & Technology Group. D.E. Shaw and Highbridge declined to comment, while Lighthouse and Saba didn't immediately reply to messages. Digital World, led by Chief Executive Officer Patrick Orlando and based in Miami, held its IPO at $10 a share on Sept. 2. Warrants given to investors in the initial public offering, coupled with the possibility that the shares will trade above the redemption price, provide upside on the trade. Jane Fraser has a Plan to Remake Citigroup While Tormenting Rivals. She is the former CEO of Citigroup, which went public in 2009. She says she wants the bank to be more like Goldman Sachs and less like Bank of America. She also wants to create a new type of bank called the New York City Bank, which will be based in New York.
Posted by
Tap to copy the Short Url to this post: 
All Business News on a Single Page. Join for Free →