After former US President, Donald Trump got ousted from the majority of social networking platforms across the internet, the potential next Republican frontrunner has taken everything into his own hands by creating his own social networking platform.
His new social media platform as well as its special purpose acquisition company partner says the partner has agreed on a US$1 billion capital investment from institutional investors.
Trump Media & Technology Group (TMTG) was launched back in October and the former President unveiled plans for the new messaging platform which he calls Truth Social.
Truth Social is expected to rival existing and well-established platforms such as Twitter and other services where the former President was banned due to the Jan. 6th riot at the US Capitol.
TMTG is now planning to be publicly listed through a merger with the publicly traded Digital World Acquisition Corp., which is a special purpose acquisition company known for acquiring private companies and taking them public.
During a press release issued on Saturday by Trump Media and Digital World, the institutional investors were not identified.
However, the US$1 Billion investment would reportedly come from a diverse group of investors after the two companies are combined – says the press release.
Digital World said in the release that the $1 billion is above the $293 million (minus expenses) that it may invest.
“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,” Digital World CEO Patrick Orlando said in the release.
Donald Trump is listed as the chair of TMTG and he will get millions in special bonus shares if the combined company performs well on the stock market. The success will ultimately spiral Trump’s wealth back uphill.