A top hedge funder who joined in an acquisition that announced a merger with Donald Trump’s new social media startup promptly dumped his shares – missing out on a rocketing share price as he issued a statement on ‘values.’

Boaz Weinstein, whose Saba Capital is valued at $3.5 billion, announced the sale in a statement that made plain he had no interest in being part of any new venture involving Trump – who on Wednesday announced plans to launch plans ‘to create a rival to the liberal media consortium and fight back against the “Big Tech” companies.’

The merger, which involved Digital World Acquisition Corp. – an SPAC or special purpose acquisition company – sent shares rocketing more than 300 per cent on Wall Street.

The firm’s market cap hit $1.5 billion after announcing its merger with Trump Media & Technology Group on Thursday.

Hedge fund manager Boaz Weinstein, pictured with wife Tali Farhadian Weinstein, said he sold shares in Digital World Acquisition Corp. after learning of its merger with Donald Trump's new media company

Hedge fund manager Boaz Weinstein, pictured with wife Tali Farhadian Weinstein, said he sold shares in Digital World Acquisition Corp. after learning of its merger with Donald Trump’s new media company

Weinstein was not happy and filed an order for him to sell his shares at Friday’s start of trading after Trump’s announcement of the merger.

Weinstein stated in a statement that he knew that Saba needed to sell its entire unrestricted share stake. This is what he did. 

“Many investors are asking difficult questions about how to incorporate their values into work. This was not a close call for us.

Weinstein’s spouse, Tali Farhadian Weinstein (New York District Attorney), was a candidate. She clerked for Judge Merrick Garland, and in the Barack Obama justice department, serving as counsel for AG Eric Holder, who cut a video for her campaign. 

Forbes put Boaz Weinstein’s wealth back at $450m in 2012, and included him in its ranking of 40 highest-earning hedge fund managers. 

CNBC reported that Lighthouse Investment Partners also helped to bail out the SPAC following the announcement. 

Weinstein's wife Tali Farhadian Weinstein ran for New York DA in the Democratic primary after lending millions to her campaign

Weinstein’s wife Tali Farhadian Weinstein ran in New York DA after she lent millions to her campaign

Donald Trump said in a statement he created the new tech company 'to stand up to the tyranny of Big Tech'

Donald Trump stated that he founded the new tech company “to resist the tyranny and Big Tech” in a statement.

Digital World Acquisition was founded by Patrick Orlando, who previously worked at Deutsche Bank and started other SPACs, including one with offices in Wuhan, China

Patrick Orlando, who worked previously at Deutsche Bank, founded Digital World Acquisition. He also started other SPACs, one of which was based in Wuhan, China.

EF Hutton became famous for its television ads. The name returned when a firm advising the merger bought its name in June

Famous television ads made EF Hutton famous. In June, a firm that advised the merger bought the name.

Lighthouse had 3.2 million shares or 11 percent of SPAC. Saba owned 9.3 percent, or 2.4 Million shares. 

 ‘Lighthouse was not aware of the pending merger and no longer holds unrestricted shares of the SPAC,’ the fund said in a statement. 

 News of the sales came as new information on the merger came to light Friday.

Patrick Orlando, who was previously employed at Deutsche Bank and served as the primary lender for Trump Organization, founded Digital World Acquisition. 

EF Hutton

EF Hutton

Orlando knew Trump before the deal, the New York Times reported.  He has also set up three other SPACs. They are sometimes called ‘blank-check companies’ because they were assembled before they know which firms they might acquire. 

The firm went public on the Nasdaq last month – and for an advisor relied on Kingswood Capital Markets. That firm on June 15th announced it had changed its name to EF Hutton, a storied Wall Street name thanks mostly to its widespread television ads that aired for decades.  

‘EF Hutton is acting as sole financial and capital markets advisor to DWAC,’ according to a statement released by Trump Media & Technology Group and Digital World Acquisition Corp. Wednesday. 

Famous advertising phrase, “When EFHutton talks, people hear” made the company name well-known.

 Orlando is also CEO of Yunhong International, an SPAC that is incorporated in the Cayman Islands with offices in Wuhan, China, Bloomberg News reported. The merger was unsuccessful last month. 

Orlando studied at M.I.T. Orlando was also vice president of Sucro Can International LLC (a sugar processor). 

According to Reuters, Orlando’s company Benessere Capital was worth $423 million on Thursday. Orlando invested only $3 million in the DWAG and is entitled to additional share payments. 

Trump said in a statement announcing that the firm was being created: ‘I founded TRUTH Social to fight the tyranny and Big Tech. We live in a world with the Taliban having a large presence on Twitter, but your favorite American President has been silenced. This is unacceptable. I am very excited to soon send my first TRUTH on TRUTH social.