Hedge funds make millions as shares in Trump media Spac jump

A group of 11 hedge funds including DE Shaw and Saba Capital earned millions of dollars in potential gains in a single day after a special purpose acquisition company that merged with Donald Trump’s new social media group rose as much as 421 per cent on Thursday. The former US president this week launched a social media outlet called Truth Social that aims to compete against the likes of Facebook and Twitter, creating a platform for his rightwing supporters ahead of a potential run for office in 2024. Shares in the Spac climbed from $9.96 to as much as $51.90. They eventually closed at $45.50, up by 357 per cent compared to the previous day…. (Excerpts from the Financial Times)