EXCLUSIVE-USA-TMTG seeks to raise $ 1bn for Trump’s social network-sources – 12/02/2021 at 12:28 am

Dec. 1 (Reuters) – Trump Media and Technology Group (TMTG) seeks to raise up to $ 1 billion (around € 883 million) by selling shares to hedge funds and wealth management offices multiple times the value it got from a deal with a Special Purpose Acquisition Company (SPAC) in October, according to two people familiar with the matter.

TMTG, which has yet to roll out former US President Donald Trump’s social network, which he says is developing, is already expected to receive $ 293 million if its New York listing deal through a merger. with the SPAC Digital World Acquisition DWAC.O is concluded.

The transaction values ​​TMTG at $ 875 million, including debt.

The group is now seeking to raise up to an additional $ 1 billion at a valuation of nearly $ 3 billion, to reflect the rise in Digital World stock after Donald Trump supporters and speculators took hold. of the title, the sources said.

This is the clearest indication to date that Donald Trump and the Digital World Acquisition negotiators are looking to capitalize on the market euphoria around their business, which has so far been fueled by its ambitious goals. rather than by its activity.

(Krystal Hu report, with Echo Wang; French version Camille Raynaud)

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