Trump’s social media venture to raise about $1 billion in funds

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FILE PHOTO: Former U.S. President Donald Trump looks on during his first post-presidency campaign rally at the Lorain County Fairgrounds in Wellington, Ohio, U.S., June 26, 2021. REUTERS/Shannon Stapleton

December 4, 2021

(Reuters) – Former President Donald Trump’s new social media venture Trump Media & Technology Group and Digital World Acquisition Corp. said it has entered into subscription agreements to raise about $1 billion from a group of investors.

DWAC said it will provide up to $293 million to the partnership with Trump’s media venture, taking the total proceeds to about $1.25 billion.

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

(Reporting by Juby Babu in Bengaluru; Editing by Daniel Wallis)





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