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Trump’s Media Company Raises $ 1 Billion From Undisclosed Investors




Donald Trump’s potential media company has raised an additional $ 1 billion from an undisclosed group of investors, it was announced on Saturday.

Trump Media and Technology Group (TMTG) is trying to go public through a SPAC (Special Purpose Acquisition Company) called Digital World Acquisition. The investment of $ 1 billion is part of an investment known as PIPE (private investment in public capital). It is very unusual for a company not to disclose the investors for a transaction of this size.

The potential company does not yet have a CEO. Trump is listed as its president. An important part of the business will be its own social media network ironically called “Truth”.

According to the New York Times, Digital World Acquisition Corp. was incorporated in Miami, Florida in December 2020, a month after Trump lost the election. The company, owned by CEO Patrick F. Orlando, filed an initial public offering last spring and, in September, raised about $ 282 million, according to an SEC filing, with the IPO in stock Exchange. An additional $ 11 million was raised through the sale to private investors. The company is backed by several large hedge funds which hold significant percentages.

Trump said in a statement on Saturday, “$ 1 billion sends an important message to big tech that censorship and political discrimination must end. America is ready for Social TRUTH, a platform that will not discriminate on the basis of political ideology. As our balance sheet grows, TMTG will be in a stronger position to fight the tyranny of Big Tech.

Orlando added: Our focus on creating value for public shareholders guides our decision-making and by accepting these commitments for a strategic injection of growth capital, we believe the combined company can grow on an incredibly strong foundation. The liquidity that will be provided to the company’s combined balance sheet, in excess of the $ 293 million (less expenses) that DWAC can provide, is expected to strengthen TMTG’s strategic positioning. I have no doubts that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including continuing to attract the best talent, hire the best technology providers, and deploy significant advertising and marketing campaigns. Business Development.

Shortly after Trump first announced his plans in October, The New York Times revealed that one of Digital World SPAC’s biggest investors was Saba Capital, a $ 3.5 billion hedge fund. Its founder and director, Boaz Weinstein, told the newspaper that once his company was informed that the PSPC it had invested in was funding Trump Media & Technology Group, it sold much of its stake, making a small profit.




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