Remember TRUTH Social? It’s former president Donald Trump’s long-threatened contribution to the social media game after he got booted from most of the industry’s respectable services. It was supposed to be beta launch in November. That didn’t happen. In the meantime, Truth has already gotten its owner in legal hot water over how it was financed. Speaking of which, Trump’s media company is already asking for a ton of extra money after already blowing through one of its key deadlines.
Accoridng to Reuters, the Trump Media Company is reportedly hoping to raise a whopping $1 billion for its social media ventures. How will they do this? By, as per Reuters, “selling shares to hedge funds and family offices at several times the valuation it commanded in a deal with a blank-check acquisition firm in October.”
Sounds not shady! The new company is already looking to nab $293 million through a merger with the blank-check firm Digital World Acquisition Corp. As per Reuters:
The deal valued Trump Media at $875 million, including debt. Trump Media is now seeking to raise up to an additional $1 billion at a valuation of close to $3 billion, to reflect Digital World’s share rally after Trump supporters and day traders snapped up the stock, the sources said.
Meanwhile, Trump — who, it was revealed Wednesday, had tested positive for COVID a few days before one of his presidential debates with Joe Biden, thus endangering his life and the lives of everyone there — has also personally be calling potential investors, looking for commitments in the area of $100 million.
So far, though, there is nothing for Trump’s company to show. The beta version of TRUTH Social, which touts itself as a “rival to the liberal media consortium” — is not up and running. However, investors were shown a demo version, which reportedly “looked like a Twitter feed.” With one major exception: Donald Trump is not permanently banned from using it.
(Via Reuters)
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