Trump’s digital media firm says it has $ 1 billion in investors online
- Donald Trump’s new media company and his partner SPAC claim to have $ 1 billion in capital pledged by institutional investors.
- The funding will support its upcoming social media site, TRUTH Social, which is slated to launch in 2022.
- “America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology,” Trump said in a statement.
The future digital media platform of former President Donald Trump and his
partner says they have entered into subscription deals to raise about $ 1 billion from investors.
Trump Media & Technology Group Corp. (TMTG) and Digital World Acquisition Corp. (DWAC), a specialist acquisition company, announced on Saturday that the two companies have reached a deal to fund Trump’s new social media website, TRUTH Social. TMTG previously described the aspirations of the site and its accompanying app to serve as a “conservative media universe” with “unreacted content”.
The deal – which sources first told Reuters was underway earlier this week – will bring in estimated proceeds of $ 1.25 billion for TRUTH Social, according to a press release. While the identity of the investors remains unknown, the funding will function as “PIPE” investments, or private investments in public stocks.
Trump said in a statement on Saturday that the investment will put his company “in a stronger position to fight the tyranny of Big Tech.”
“$ 1 billion sends an important message to Big Techs that censorship and political discrimination must end,” Trump said in a statement. “America is ready for Social TRUTH, a platform that will not discriminate on the basis of political ideology.”
TMTG said in October that the site and accompanying app are expected to launch in early 2022, after an invite-only beta trial in November. However, CNBC reported on Wednesday that TRUTH Social may have missed its November deadline as the company has yet to make an official announcement of a beta rollout.
In a pitch deck for TRUTH Social, TMTG said it aims to “create a media powerhouse to compete with the liberal media consortium and fight against ‘Big Tech’ companies in Silicon Valley who have used their one-sided power to silence opposing voices in America. ”
Trump’s announcement of the platform came after the former president was permanently banned from several major social media sites for violating policy earlier this year, including Facebook, Twitter and YouTube.