Report: Trump Patron’s Fund Bought Millions Worth Of Shares In Time, Inc.

The Time Inc. logo appears above a trading post on the floor of the New York Stock Exchange, Thursday, June 15, 2017. Magazine publisher Time Inc. said it's cutting 300 jobs as it struggles to adjust to readers' shif... The Time Inc. logo appears above a trading post on the floor of the New York Stock Exchange, Thursday, June 15, 2017. Magazine publisher Time Inc. said it's cutting 300 jobs as it struggles to adjust to readers' shift online. (AP Photo/Richard Drew) MORE LESS

By Matt Shuham

July 5, 2017 1:16 p.m.

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Renaissance Technologies, the hedge fund of influential Trump supporter Robert Mercer, bought nearly 2.5 million shares of Time Inc. in the first quarter of 2017, the New York Post first reported Tuesday night, citing a regulatory filing.

Mercer and his daughter, Rebekah Mercer, are well-known in conservative circles for their strong financial support for Trump, in addition to Sen. Ted Cruz (R-TX) and others. The Mercers are also part owners of Breitbart, the far-right news and commentary website from which Trump has hired many members of his administration.

Renaissance Technologies’ investment in Time Inc. — which publishes Time, Sports Illustrated, Fortune, Entertainment Weekly, and a host of other titles — was valued at $48.1 million on March 31, according to the filing.

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Matt Shuham (@mattshuham) is a reporter in TPM’s New York office. Prior to joining TPM, he was associate editor of The National Memo and an editorial intern at Rolling Stone.

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