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

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

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

Trump Media has yet to roll out its social media app. Trump Media and Digital World did not respond to requests for comment on the identities of the investors behind the US$1 billion raise.

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

While major Wall Street institutions are largely staying away from the investment over reputation concerns, some hedge funds, family offices and high net worth individuals had been expected to participate, sources said.

A full 8K filing with the SEC is expected to be filed on Monday with more details of the transactions, one source added.