Trump’s Social Media Firm Raises $1Bn

The company announced it has secured $1 billion in capital from undisclosed investors.

The Funding

The social media start-up has raised $1 billion from private investors as the company consolidates plans for a public listing. The Trump Media & Technology Group made this known on Saturday, revealing. But it only revealed that the funds came from “a diverse group of institutional investors.”

In October, the former US president announced plans to introduce his own social media platform, Truth Social. This came after several outlets banned his access just days into the new year, following a large-scale storming of the US Capitol. 

The recent funding, however, is a big step in actualizing his dream of rivaling mainstream services with a social networking platform that is free from censorship.

“$1 billion sends an important message to Big Tech that censorship and political discrimination must end. As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight against the tyranny of Big Tech,” the former president reiterated.

Going Forward

Trump Media & Technology Group plans to get on the stock market, leveraging on a merger with Digital World Acquisition Corp. The publicly traded company is a special purpose acquisition company or SPAC, formed strictly to raise funds through an IPO.

So far, it has attracted some unwelcome attention. US Senator Elizabeth Warren called on the Securities and Exchange Commission (SEC) to investigate the merger. 

Truth Social will supposedly launch in 2022. If the platform is successful, it will be a new page in the social media history book.

Sources

ABOUT AUTHOR

Devoted my whole life to words - reading, writing and trying to be original on social media. Got certified in digital marketing - still not cool enough to be an influencer. Finished a master’s degree focused in Literature, Publishing, Mass Media. Hobbies include traveling, reading and hoping that yoga will be the thing to finally teach me some patience. Would like to take over the world at some point, but that’s an optional dream. Maybe modern tech can help me do that?

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