Donald Trump's social media company tried to sell personal phone calls with the former president for $100 million, but found few takers.
Bankers for the fledgling Trump Media & Technology Group approached dozens of investors to pitch a $1 billion deal offering lucrative financial terms after the company had already raised about $300 million through a merger with a special purpose acquisition company, and five people briefed on the pitches say potential investors were promised a call from Trump, reported the New York Times.
"Despite the opportunity to invest in a deal whose terms were structured to make a profit for investors," the newspaper reported, "many of Wall Street’s big names passed."
More than a dozen prominent hedge funds and investment firms were afraid to go into business with the twice-impeached one-term president out of fear of alienating their own investors, according to people briefed on the situation.
Others were concerned about Trump's reputation for bankruptcies, lawsuits and disputes with lenders and partners, and some just didn't see enough details about the company -- which currently has no disclosed revenue or products.
Trump Media raised $293 million in October through an agreement to merge with Digital World, and the company announced it had secured another $1 billion through a "private investment in public equity," or PIPE, deal with three dozen investors, although they must turn over that money if its merger with Digital World closes.