The investor in Trump’s new social media venture backed out: “It makes me want to throw”

[ad_1]

The launch of Donald Trump’s new social media company “TRUTH Social” hit another bump in the road as some early major investors pulled away after discovering that he was one of the principals behind it that they were unaware of. time they put the money the start

As the New York Times reported, “The details of Mr. Trump’s latest partnership are unclear. The statement he released is reminiscent of the kind of claims he made about his business dealings in New York as a developer. of real estate. It’s filled with high -dollar values ​​and superlatives that can’t be verified. “

According to a report from Ed Mazza of the Huff Post, a hedge fund manager exploded when he learned about Trump’s involvement.

Want a daily wrap of all the news and commentary the Salon has to offer? Subscribe to our morning newsletter, Crash Course.

As Mazza reports, “[Boaz] Weinstein’s Saba Capital has become a major investor in Digital World, a specialty acquisition company (SPAC) formed for the purpose of acquiring another company. As is common with SPAC arrangements, investors deposit their cash before selecting the target acquisition. When Weinstein found out it was with Trump’s company, he posted bail. “

“I know that for Saba the right thing to do is to sell our entire stake of unlimited shares, which we have now done. Many investors are debating tough questions about how to incorporate their values ​​into their work. For us, it’s not close to calling, ”he explained.

Another unnamed investor, who reportedly holds a 10 percent stake in the company, is more graphic when talking about taking on Trump’s latest venture and “he sold everything as soon as he could, “Mazza reports.

“The idea is that I will help [Trump] develop a fake news called Truth I want to throw away, ”they said.

You can read more here.

More stories like this:

[ad_2]