Reuters reveals Trump’s social media venture seeks to raise $1 billion; market reacts

Business & FinanceDealsTechnology

Shares of Digital World Acquisition Corp rose as much as 22% after Reuters exclusively reported that the blank-check acquisition firm and former U.S. President Donald Trump’s social media venture were seeking to raise $1 billion for their deal. Trump Media & Technology Group, which has yet to roll out the social media app it says it is developing, already stands to receive $293 million if its deal to list in New York through a merger with blank-check firm Digital World Acquisition Corp is completed. The deal valued Trump Media at $875 million, including debt, and Trump Media is now seeking to raise up to an additional $1 billion at a valuation of close to $3 billion. It is the clearest indication yet that Trump and the Digital World dealmakers are seeking to capitalize on the market euphoria around their venture.

Market Impact

Shares of Digital World Acquisition Corp rose as much as 22% on the news.

Article Tags

Topics of Interest: Business & FinanceDealsTechnology

Type: Reuters Best

Sectors: Business & FinanceEquitiesTechnology

Regions: North America

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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