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

By Krystal Hu and Juby Babu

December 4 (Reuters)Former President Donald Trump’s new social media venture, Trump Media & Technology Group and Digital World Acquisition Corp. DWAC.O said it has 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 has yet to roll out its social media app. 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.

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.

(Reporting by Juby Babu in Bangalore and Krystal Hu in New York; editing by Daniel Wallis)

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