Trump’s social media company gets $1 billion in capital deals
Former US President Donald Trump appears to be getting closer to launching his new social media platform, Truth Social.
Trump’s new social media company and its partner said they have agreements for $1 billion in capital from institutional investors.
Trump Media & Technology Group was founded in October. His new app, Truth Social, will compete with Twitter and other social media platforms that banned him after the Capitol riots.
The Trump Media & Technology Group intends to merge with the publicly traded Digital World Acquisition Corp, a special purpose acquisition company formed to acquire a private company and publicise it.
Trump Media and Digital World didn’t name the institutional investors in their Saturday press release. The money would come from ‘a diverse group’ of investors after the two companies merged.
“I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns.” said Digital World CEO Patrick Orlando in the release.