When investors found out their money was going towards Donald Trump’s new social media platform, at least one of them pulled out completely, The New York Times reports.
“Many investors are grappling with hard questions about how to incorporate their values into their work,” hedge fund manager Boaz Weinstein told the Times in a statement. “For us, this was not a close call.”
Weinstein’s Saba Capital was a major investor in Digital World, a special purpose acquisition company (SPAC) which was formed for the purpose of acquiring another company. SPAC arrangements allow for investors to put up their money before the acquisition target is chosen. When Weinstein found out Trump’s company was the target, he withdrew.
Speaking to the Financial Times, an anonymous investor said he sold everything he could once he found out his money would be tied up with a Trump-linked entity.
“The idea that I would help [Trump] build out a fake news business called Truth makes me want to throw up,” he said. According to HuffPost, there’s some speculation as to whether or not the investor who spoke to the Financial Times was Weinstein.
According to a report from The Guardian, Trump’s platform will be called “Truth Social.”
“While the platform is pitched as a free and open communication service that encourages ‘honest global conversation’, the terms of service agreement prohibits users from making fun of the site,” The Guardian reports. “To access the platform, users agree not to “disparage, tarnish, or otherwise harm, in our opinion, us and/or the site.”