Trump’s social media firm to raise roughly $ 1 billion in funds – .

Trump’s social media firm to raise roughly $ 1 billion in funds – .

U.S. President Donald Trump participates in the first presidential debate against Democratic presidential candidate Joe Biden at Case Western Reserve University’s Health Education Campus September 29, 2020 in Cleveland, Ohio.
Gagnez McNamee | Getty Images
Former President Donald Trump’s new social media company, Trump Media & Technology Group, and Digital World Acquisition said they have entered into subscription deals to raise around $ 1 billion from a group of investors.
DWAC said it would provide up to $ 293 million for the partnership with Trump’s media company, bringing total proceeds to around $ 1.25 billion. Trump Media and Digital World did not respond to requests for comment on the identity of the investors behind the $ 1 billion increase.

Reuters had exclusively reported on Wednesday that the social media company was looking to raise up to $ 1 billion by selling shares to hedge funds and family offices.

Last week, the new social media company appeared to have missed its own November deadline to launch an invite-only beta of “Truth Social,” its purported alternative to Twitter.

While large Wall Street institutions largely stay away from investing due to reputation issues, some hedge funds, family offices and high net worth individuals are expected to participate, sources told Reuters.

A 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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