AP Photo/Pablo Martinez Monsivais, File
- Anthony Scaramucci said he hopes Donald Trump's stock does well so he stays out of politics.
- The former White House communications director said he wouldn't invest in Digital World Acquisition Corp.
- "I'm not into media disinformation," he said of the proposed Truth Social site.
Anthony Scaramucci said he hopes Trump's SPAC stock continues to rack up gains because a successful media venture might keep the former president out of politics.
Scaramucci, previously the White House communications director under Trump, told CNBC Friday that Digital World Acquisition Corp., which announced it would merge with the former president's media company, could "go up another 10 times."
"The more it goes up the less likely trump is to run for president in 2024," Scaramucci said. "I hope that thing is like a 10:1 move. I want it to move like bitcoin."
The stock has surged more than 600% in two days, trading at about $99 at 12:24 a.m. ET. Bitcoin, as Scaramucci referenced, has been on a tear, breaking past its all-time high this week.
Scaramucci, the founder and co-managing partner of Skybridge Capital, called Trump's planned social media company "garbage propaganda" and said he wouldn't buy the stock because it would be bad for his health. "I'm not into media disinformation," he added.
Multiple hedge funds bought were big investors in the SPAC ahead of the merger, with peak gains at a handful of funds clocking in over $100 million. At least one fund, Saba Capital Management, dumped the stock after the deal was announced, citing conflicting values.
In the CNBC interview, Scaramucci said he was torn between wanting hedge funds to dump the stock and wanting the shares to continue doing well.
"I want the thing to do well to keep him out of the political landscape. He's a danger to our democracy, he was part of the insurrection, I personally think he's a domestic terrorist," Scaramucci said. A representative from Trump Media and Technology group did not immediately respond to Insider's request for comment.
In yesterday's press release, the company said the social media platform, Truth Social, would be an alternative to "big tech" like Twitter and Facebook, which banned Trump earlier this year. The former president has been continuing to float the idea of another run in the next election cycle since being beat by President Joe Biden last year.
"I hope he stays out of the political game. God bless him with the stock; I wish everybody well," Scaramucci said.