Trump Media Company Says It Has Raised $1 Billion:
Former President Donald Trump's new media company said Saturday that it has lined up $1 billion in funding from a “diverse group” of institutional investors contingent on the consummation of its planned merger with the blank check company Digital World Acquisition Corp.Trump Media and Technology Group , which aims to launch a social media platform, did not share the names of the investors in the private investment in public equity transaction, or PIPE, which is unusual.
Reports surfaced earlier this week that Trump’s company was seeking to raise $1 billion in a PIPE deal that would value the company at around—more than three times the $875 million valuation ascribed to it in the merger with DWAC that was announced in October. In October, TMTG said it would launch a beta version of its social media platform in November, a goal which it appears to haveShares of DWAC soared 550% in the week after the merger to a height of $94.20, but the stock has given up much of its initial gains and recently has been trading in the $40s. The PIPE and the merger with DWAC, which raisedwhen it listed, are expected to leave Trump’s company with proceeds of about $1.25 billion, according to Saturday’s statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump social media group raises $1 billion from undisclosed investorsDonald Trump's social media startup on Saturday announced that it secured $1 billion in new investment as part of its ongoing efforts to become publicly traded via a blank check company. Between the lines: None of the investors were identified, which is highly unusual for this sort of transaction. Get market news worthy of your time with Axios Markets. Subscribe for free.Details: This is a so-called PIPE investment at around $34.36 per share.That's a 20% discount to the SPAC's 5-day trading aver
Read more »
Trump media partner says it has lined up $1B in capital | AP NewsDonald Trump’s new social media company and its special purpose acquisition company partner say investors have pledged $1 billion. The former president, who has been banned from Twitter, plans to launch a messaging app called 'Truth Social.'
Read more »
After Calling It 'Fake News,' Trump Is Back to Promoting Mark Meadows' BookThe former president was reportedly angry with his former chief of staff for revealing Trump covered up a positive Covid test before a 2020 debate against Joe Biden
Read more »
Appeals court mulls suit against Trump over rape denialA federal appeals court panel debated today whether former President Trump strayed beyond his presidential duties in his aggressive response to a writer’s claim that he raped her in a department store dressing room several decades ago
Read more »
Senate Republicans quietly buck Trump in Alabama raceNo senator other than her former boss, Sen. Richard Shelby, has publicly endorsed Katie Britt yet. But she's quietly getting support from a half-dozen of Shelby’s Republican colleagues in her bid against Trump’s pick in the Alabama open Senate race.
Read more »