Donald Trump’s new social media company claims it has reached agreements with investors to fund $1 billion (£755 million) ahead of a potential stock market debut. Early next year, the Trump Networking & Technology Group plans to introduce Truth Social, a social media app.
It comes as Mr. Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January. He said the $1 billion “sends an essential message to Big Tech that censorship and political discrimination must cease.”
“As our balance sheet grows, Trump Media & Technology Group will be better able to fight back against Big Tech’s tyranny.”
Earlier this year, Mr. Trump announced intentions to establish Truth Social, claiming that it would allow people to talk “without prejudice based on political viewpoint.”
A Michael Jackson impersonator has been accused with inciting a disturbance in the Capitol.
Steve Bannon has entered a not guilty plea to the charge of contempt.
Digital World Acquisition, a so-called special purpose acquisition company (Spac) or “blank cheque firm,” has collaborated with Trump Media & Technology Group on the project.
Spacs, which became a significant topic in the US stock market at the beginning of this year, are shell corporations formed solely for the goal of merging with a private company and taking it public. They have, however, lost a lot of their luster after several of the firms who merged with them failed to meet their lofty financial goals.
Mr. Trump’s business said on Saturday that it had received $1 billion from “a diversified collection of institutional investors,” but did not name them. According to estimates, the social networking company is now worth about $4 billion.
Despite the turmoil surrounding his presidency, it appears to demonstrate the former US president’s capacity to gather substantial financial backing.
