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 (TMTG), 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 $3 billion—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 have missed, and roll out a complete version next year.

Shares 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 raised $293 million when it listed, are expected to leave Trump’s company with proceeds of about $1.25 billion, according to Saturday’s statement.

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