Earlier, we spoke about Trump’s new social media platform getting some huge bucks and that is ultimately becoming a reality now.
As a former president with influence, it is going to be easy for you to sway your audience into buying into your idea especially if you’re very charismatic like Donald Trump.
In a press release, his company called Trump Media and Technology Group often referred to as TMTG recently got a US$1 billion capital funding from a diverse group of institutional investors bringing the company’s valuation to about US$4 billion.
The term “Institutional Investors” was used a lot without disclosing the actual names of the said investors.
TMTG merged with Digital World Acquisition, a Special Purpose Acquisition Company or SPAC if you’ve been hearing that abbreviation across the internet.
With the US$1 billion investment, Trump is the chair of TMTG and if the company can do really well on the market, it will definitely increase the net worth of the former president.
The social network in question is Truth Social…yeah, Truth Social and it’s currently under active construction according to the new platform’s website.
Trump announced that the media company was live back in October and stated the actual service will go live but will be still be based on an invite-only mode by November.
The company obviously missed the release deadline and there was no official statement as to when we should expect the service to go live.
However, the company is expected to commence full operation by the year 2022 even though we might get disappointed again.
Some people may call Trump the middle child who likes to rebel against the first and the last due to attention. That can be true because the former US President is still banned on Twitter, Facebook as well as popular services.
Considering the fact that Trump makes use of the internet as his megaphone that allows him to reach his potential audience, the fact that he’s eyeing the 2024 presidential election might never be successful without public space where he can directly market himself to his audiences.
Initially, I thought he might just opt for the conservative-centric Parler which made headlines back in January when it was ousted by Amazon Web Service.
I mean if Trump joins and promotes Parler, the service will grow much more in no time and Parler could further become the safe haven for him and his supporters.
He just opted to create his own social media service anyway and because he’s Trump, he certainly has friends that can back him up financially hence the US$1 billion capital investment.
Also do note that the cost to run a big service is a lot especially when you have to deal with a lot of things such as security, cloud hosting, data management, and constant development to upgrade your services to match up with well-established platforms that have been in the game for years.