Trump’s social media venture to raise approximately $ 1 billion in funding

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U.S. President Donald Trump participated in the first presidential debate against Democratic presidential nominee Joe Biden on the Health Education Campus of Case Western Reserve University on September 29, 2020 in Cleveland, Ohio.

Win at McNamee | Getty Images

Former President Donald Trump’s new social media venture, Trump Media & Technology Group, and Digital World Acquisition said they entered into subscription agreements to raise approximately $ 1 billion from a group of investors.

DWAC said it would provide up to $ 293 million in partnership with Trump’s media venture, which would take total revenue of approximately $ 1.25 billion. Trump Media and Digital World did not respond to requests for comment on the identities of investors behind the $ 1 billion increase.

Reuters exclusively reported on Wednesday that the social media venture seeks to raise up to $ 1 billion by selling shares in hedge fund and family offices.

Last week, the new social media company appeared to have missed its own deadline in November to launch a beta version of “Truth Social,” its alleged alternative to Twitter.

While major Wall Street institutions are increasingly moving away from investing due to reputation concerns, several hedge funds, family offices and high -value individuals are expected to participate, sources told Reuters.

The full 8K filing with the SEC is expected to be filed on Monday with more details of the transactions, a source added.

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