45th President Donald Trump’s social media venture continues to grow.
They are now seeking to raise up to $1 billion.
JUST IN – Trump's new social media venture is seeking to raise up to $1 billion at $3 billion valuation, $DWAC stock jumps, and is currently hovering around $44.
— Disclose.tv (@disclosetv) December 1, 2021
Former President Donald Trump’s new social media venture is seeking to raise up to $1 billion by selling shares to hedge funds and family offices at several times the valuation it commanded in a deal with a blank-check acquisition firm in October, two people familiar with the matter said.
Trump Media & Technology Group, which has yet to roll out the social media app it says it is developing, already stands to receive $293 million if its deal to list in New York through a merger with blank-check firm Digital World Acquisition Corp (DWAC.O) is completed.
The deal valued Trump Media at $875 million, including debt. Trump Media is now seeking to raise up to an additional $1 billion at a valuation of close to $3 billion, to reflect Digital World’s share rally after Trump supporters and day traders snapped up the stock, the sources said.
It is the clearest indication yet that Trump and the Digital World dealmakers are seeking to capitalize on the market euphoria around their venture, which has so far been fueled by its ambitious goals rather than a business that is up and running.
Digital World shares were valued at $10 each in the deal with Trump Media. Trump Media is now looking to secure a so-called private investment in public equity (PIPE) that would value Digital World shares closer to their recent price, the sources said.
Digital World shares, which were trading down 6% before news of the $1 billion raise, rallied to close up 7% at $44.35 on Wednesday.
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