The then-President Donald Trump’s new social media venture, Trump Media & Technology Group, and Digital World Acquisition claimed that they have engaged in subscription agreements in order to raise nearly $1 billion from a group of investors.
DWAC to provide up to $293 billion which will take net proceeds to about $1.25 billion
DWAC stated that it will give an amount of up to $293 million to the partnership with Trump’s media venture, bringing the net proceeds to nearly $1.25 billion. Trump Media and Digital World did not reply to requests for remarks on the specifications of the investors for the $1 billion raise.
On Wednesday, it was reported that the social media venture was looking to raise up to $1 billion with the sale of shares to hedge funds and family offices.
Earlier this week, the new social media company seemed to have missed its own November timeline to launch an invitation-only beta version of “Truth Social,” its reported substitute to Twitter.
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According to sources, whilst significant Wall Street institutions are majorly keeping distance from the investment due to reputation concerns, certain hedge funds, family offices, and high net worth individuals had been anticipated to join.
As confirmed by one of the sources, a complete 8K filing with the SEC is supposed to be filed on Monday with more information on the transactions.