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.

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