US President Donald Trump participated in the first presidential debate against Democratic presidential candidate Joe Biden on September 29, 2020 at the Case Western Reserve University Health Education Campus in Cleveland, Ohio.
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Former President Donald Trump’s new social media companies, Trump Media and Technology Group and Digital World Acquisition, said they have signed a subscription agreement to raise approximately $1 billion from a group of investors.
DWAC stated that it will provide up to US$293 million in funding for cooperation with Trump’s media joint venture, bringing total revenue to approximately US$1.25 billion. Trump Media and Digital World did not respond to requests for comment on the identity of the investors behind the $1 billion financing.
Reuters exclusively reported on Wednesday that the social media company is seeking to raise up to $1 billion by selling shares to hedge funds and family offices.
Last week, the new social media company seemed to miss the November deadline and launched an invitation-based beta version of “Truth Social”, which is said to be an alternative to Twitter.
Sources told Reuters that although major Wall Street institutions are basically staying away from investment due to reputation issues, some hedge funds, family offices and high-net-worth individuals are expected to participate.
A source added that a complete 8K document containing more transaction details is expected to be submitted to the US Securities and Exchange Commission on Monday.
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