Despite failing to launch its promised social media platform, Donald Trump is seeking to raise $1 billion for his new Trump Media & Technology Group, which earlier this year announced plans to merge the brand new company with blank-check firm Digital World Acquisition Corp., Reuters reports.
The corporate valuation for the venture cited by Trump representatives attempting to lure investors is $3 billion, many times the valuation of $875 million calculated when word of the deal first broke in October. The Trump-cited valuation is apparently derived from the peak DWAC hit on the day the deal was announced, when it closed at its all-time high of $94.21 after hitting an intraday high of $175. Since then, the stock has fallen to $44.34, as of Tuesday’s close. It hovered around $10 per share before the deal was announced.
Neither the Trump camp nor DWAC have presented any significant outlines, plans or products since the proposed merger was announced. Trump seems to be pitching investors based on the buying frenzy that occurred after the announcement rather than on any products or services that would bring actual value the company.