Jeff Yass, a well-known Wall Street financier and prominent Republican donor, has been identified as a significant shareholder in the company that recently merged with former President Donald Trump’s social media platform.
Yass’s trading firm, Susquehanna International Group, was revealed to hold about 2% of Digital World Acquisition Corp. (DWAC), the company that merged with Trump Media & Technology Group, according to a December regulatory filing. This stake, valued at around $22 million based on Digital World’s last closing share price, consisted of approximately 605,000 shares.
Following the merger, if Susquehanna maintained its stake, it would become one of the larger institutional shareholders of Trump Media. Digital World’s shares have surged approximately 140% this year as the merger with Truth Social, Trump’s social media platform, approached.
However, Susquehanna clarified in a statement that it is a market maker and has “zero economic interest in Trump Media.” The firm’s long position is offset by short positions of the same size. The company did not comment on whether it still owned a stake in Digital World or on the relationship between Yass and Trump.
This development comes at a crucial time as Trump is facing significant financial challenges. He is considering liquidating his stock in Digital World Acquisition to pay over $450 million in legal bills. Additionally, Trump has suggested a potential ‘fire sale’ of his properties to cover a $464 million bond due in his ongoing New York civil fraud case.
These financial challenges have raised concerns, with Rep. Alexandria Ocasio-Cortez expressing worries about the potential risks if Trump’s assets are not seized. She highlighted “interesting transactions” with Truth Social in her comments.
In conclusion, the revelation of Jeff Yass’s significant stake in the company that merged with Trump Media adds an interesting dimension to the ongoing financial challenges faced by the former President. It remains to be seen how these developments will impact Trump’s future financial decisions and the operations of Trump Media & Technology Group.
