Former President Donald Trump’s new media company said Saturday it has raised $1 billion in funding from a “diversified group” of institutional investors through private investments in a public equity team at the end of its planned merger with blank check company Digital World. has done. Acquisition Corp.
Trump Media and Technology Group (TMTG), which aims to launch the social media platform, did not share the names of the investors, 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 — up from the $875 million valuation in the merger with DWAC announced in October. more than three times.
In October, TMTG said it would launch a beta version of its social media platform in November, a goal that appears to be Missed, and roll out a full version next year.