United States President Donald Trump participates in the first presidential debate against Democratic presidential candidate Joe Biden on the Health Education Campus of Case Western Reserve University on September 29, 2020 in Cleveland, Ohio.
Win McNamee | Getty Images
Former President Donald Trump’s new social media company, Trump Media & Technology Group, and Capturing the digital world said they had signed subscription agreements to raise approximately $ 1 billion from a group of investors.
DWAC said it will allocate up to $ 293 million to partner with Trump’s media company, bringing total revenue to approximately $ 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 survey.
Reuters had exclusively reported on Wednesday that the social media company wanted to raise up to $ 1 billion by selling shares to hedge funds and family offices.
Last week the new social media company seemed to have missed its own November deadline publish an invitation-only beta version of Truth Social, its supposed alternative to Twitter.
While large Wall Street institutions are largely staying away from investing for reputational reasons, some hedge funds, family offices and high net worth individuals were expected to get involved, sources told Reuters.
A full 8K filing with the SEC with more details on the transactions is expected to be filed on Monday, a source added.