Saba Capital Dumps Unrestricted SPAC Stock on Trump News
- Weinstein’s firm learned of Trump merger after announcement
- Saba has invested in more than 400 SPACs, statement says
Photographer: Peter Foley/Bloomberg
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Saba Capital Management quickly sold its entire stake of unrestricted stock in blank-check company Digital World Acquisition Corp. on Thursday after discovering it planned to merge with former President Donald Trump’s new media venture.
“I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done,” founder Boaz Weinstein said in an e-mailed statement. “Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call.”