Hedge funds including D.E. Shaw and Saba Capital Management own stakes in a special purpose acquisition company that surged Thursday after 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 Acquisition Corp., according to data compiled by Bloomberg. Digital World skyrocketed 357% to close at $45.50 as retail investors piled into the stock, pushing its market value to $1.83 billion.