Here are the investors investing $1 billion in Trump Media.

Speculation about the investor’s identity began when former President Donald J. Trump’s fledgling social media company and merger partners announced they had secured $1 billion in additional private equity for the December deal.

Who were the roughly 34 investors betting on the success of the former chairman’s new company? Were they big names on Wall Street? Trump’s political supporter? Technology and media funds sold on promise of a right-wing alternative to Twitter?

A draft document shared with the New York Times about its $1 billion investment (referred to as “Private Equity in Public Assets” or PIPE) sheds some light. In these transactions, investors exchange cash for shares later registered by the company for sale on the open market.

According to the documents, investors are mostly a mix of small and medium-sized hedge funds based in the US and Canada. The draft circulated among investors on Tuesday, and the two men briefed on the matter said a final version is expected to be submitted to regulators on Thursday, but the timing may change.

As previously reported by The Times, hedge funds Pentwater Capital and Sabby Management are the two larger investors in private equity. According to draft documents, the fund associated with Pentwater, a $10 billion hedge fund based in Naples, Florida, will acquire the largest number of shares in the transaction.

Other large investors include Anson Funds Management, Kershner Trading Americas, K2 & Associates, Yorkville Advisors and MMCAP. Although not a pseudonym, some are well known in the hedge fund world for their often lucrative PIPE investments. Many of Wall Street’s biggest hedge funds missed the opportunity because they were concerned about the optics of working with Trump.

At least two of the investors on the list are still unknown.

One large investor is a company called Truth SPC. The name appears to be a reference to the Trump Media & Technology Group’s flagship product, True Social, which resembles the shape of a Twitter, Trump’s company. However, online searches involving U.S. corporate records did not reveal any entity by that name.

Another large investor with an unclear beneficial owner is Red Rowan Investments. company appears was incorporated December in the Cayman Islands.

The $1 billion private equity investment is an important funding element in a proposed deal between Trump Media and Digital World Acquisition, a “blank check” or special purpose takeover firm that went public in September. Digital World has raised nearly $300 million through an initial public offering.

Private equity investors do not have to return their money until the Securities and Exchange Commission approves the merger. According to the draft document, once that happens, investors will get tens of millions of shares in the company after the merger.

The SEC is investigating whether some of the communications between Trump Media and Digital World broke the rules before the deal was announced.

Digital World CEO Patrick Orlando did not respond to a request for comment, nor did a Trump Media spokesperson.

Truth Social had a rough start. Trump recently started posting regular messages to his nearly 3 million followers. He had nearly 90 million Twitter followers before the platform launched him last year.

Billionaire entrepreneur Elon Musk, who recently made a Twitter takeover bid, said he would get Trump back on the platform if the deal is done. President Trump said he intends to remain with True Social. But Trump’s new licensing agreement with Trump Media gives him the opportunity to post political messages on Twitter if the social network lifts the ban.

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