A group of institutional investors have lined up $1 billion in funding for Donald Trump's new media company, but only if the merger with Digital World Acquisition Corp is completed.
The former President is Donald Trump.
The images are from the same company.
Trump Media and Technology Group did not reveal the names of the investors in the private investment in public equity transaction, which is unusual.
Reports surfaced earlier this week that Trump's company was trying to raise $1 billion in a PIPE deal that would value the company at around $3 billion, three times the $875 million valuation attributed to it in the merger with DWAC that was announced in October.
In October, the company said it would roll out a complete version of its social media platform next year, but it appears it missed its goal.
The stock of DWAC soared 550% in the week after the merger to a height of $94.20, but has since fallen back to the price of $40.00. According to Saturday's statement, the PIPE and merger with DWAC will leave Trump's company with about $1.25 billion in proceeds. When he was banned from major social media platforms for spreading misinformation about election fraud, Trump lost his social media presence.
The Trump Media Company will get $1 billion in investment.
The Trump Media Company is trying to raise $1 billion after failing to launch their website on time.
Forbes estimates that Trump's new social media business is worth $10 billion.
