Trump’s social media venture to raise about $1 billion in funds
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U.S. President Donald Trump participated in the first presidential discussion against Democratic presidential nominee Joe Biden on the Health Education Campus at Case Western Reserve University, September 29, 2020, in Cleveland.
Getty Images| Getty Images
Former President Donald Trump’s new social media venture, Trump Media & Technology Group, and Digital World Acquisition said they have entered into subscription agreements to raise about $1 billion from a group of investors.
DWAC stated that it would provide $293 million for Trump’s media venture partnership, bringing the total profits to $1.25 Billion. Trump Media and Digital World declined to comment on requests for information about the identity of investors in the $1 billion raised.
Reuters exclusively reported on WednesdaySocial media startup was seeking $1B in capital by selling shares of its stock to hedge funds, family offices, and other investors.
The new social media company was launched last week appeared to have missed its own November deadlineTo launch an invitation-only beta version, “Truth Social”, which is its purported alternative Twitter.
According to sources, Reuters has learned that although Wall Street giants are avoiding the investment due to concerns about reputation, certain hedge funds, family offices, and wealthy individuals were expected participate.
On Monday, a full 8K filing to the SEC with additional details about the transactions is expected.
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