U.S. President Donald Trump participates in the first presidential debate against Democratic presidential candidate Joe Biden at the Case Western Reserve University Medical Education Facility on September 29, 2020 in Cleveland , Ohio.
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Former President Donald Trump’s New Social Media Venture, Trump Media & Technology Corporation, and Acquiring the digital world said it had signed subscription agreements to raise about $1 billion from a group of investors.
DWAC said it will provide up to $293 million in partnership with Trump’s media venture, bringing the total proceeds to about $1.25 billion. Trump Media and Digital World did not respond to requests for comment on the identities of the investors behind the $1 billion fundraising.
Reuters has exclusively reported on Wednesday that the social media venture is looking to raise up to $1 billion by selling shares to hedge funds and family offices.
Last week, the new social media company seems to have missed its own November deadline to launch an invitation-only beta version of “Truth Social,” its purported replacement for Twitter.
While major Wall Street institutions have largely shied away from the investment because of reputation concerns, a number of hedge funds, family offices and high net worth individuals have been expected to participate, sources told Reuters.
A full 8K filing with the SEC is expected to be filed Monday with more details on the transactions, a source added.
