These 8 firms just made a killing on the SPAC set to merge with Donald Trump's media company

• A more than 400% surge in shares of Digital World Acquisition made millions for its investors on Thursday.
• The SPAC soared after it announced a proposed merger with Donald Trump's media company.
• These are the eight firms that made a killing from Thursday's surge in Digital World Acquisition.

Investors in the Digital World Acquisition SPAC were rewarded with big gains on Thursday after the blank-check firm announced its proposed merger with Trump Media and Technology Group.

The stock soared as much as 412% as investors piled in on hype sparked by the announced merger with Donald Trump's social media company, Truth Social, which is being positioned to compete with Twitter, Facebook, and other platforms that banned the former president following the January 6 insurrection.

Shares of the SPAC, which was incorporated in December 2020 and began trading last month, hit a high of $52 on Thursday after closing at $9.96 on Wednesday. Warrants tied to Digital World soared even more, up as much as 2,686% as the public options became in the money when the stock soared above its $11.50 strike price.

These are the eight firms that owned shares of Digital World Acquisition prior to Thursday's surge and made millions off the move, according to data compiled by Bloomberg.

8. Highbridge Capital Management

Shares Owned: 2.0 million
Value at Thursday's Peak: $104.4 million
Peak Paper Profits: $84.3 million

7. DE Shaw & Co

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

6. ATW Spac Management

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

5. Boothbay Fund Management

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

4. Saba Capital Management

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

3. K2 Principal Fund

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

2. Radcliffe Capital Management

Shares Owned: 2.4 million
Value at Thursday's Peak: $126.1 million
Peak Paper Profits: $101.8 million

1. Lighthouse Investment Partners

Shares Owned: 3.2 million
Value at Thursday's Peak: $168.4 million
Peak Paper Profits: $136.0 million

*Peak paper profits derived from $10 per share offer price for Digital World Acquisition Corp.