TRUTH Social will be the first stage of the Trump Media Plan which will be followed by TMTG+, a subscription-video-on-demand service
Donald Trump’s new anti-censorship social-media site has attracted a further $1 billion in investments, the former president announced Saturday.
Trump announced the cash injection into TRUTH social, saying: $1bn sends a clear message to Big Tech about how censorship must end and political discrimination must be ended.
As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech, he said.
In an earlier statement, the former president of the United States stated that TRUTH’s goal was for users to be able to write ‘without discrimination based on political ideology.
This capital raise demonstrated the ability of former US President to secure strong financial backing in order to capitalize on his political and personal brand.
Trump is working to launch TRUTH Social during the first quarter of 2022. He will launch the TRUTH social media app during the first quarter in 2022
The fledgling social network venture of Donald Trump and the investment vehicle that it partners with announced Saturday that $1 billion has been pledged by institutional investors for Trump’s former presidential startup.
Trump hinted that he could seek reelection as a candidate in 2024. TRUTH Social has indicated that it will offer an alternative to Silicon Valley Internet companies who are ‘biased against him’ and other conservative voices.
Following the January 6 insurrection where a mob made up of Trump supporters, angered at his false claims about the November 2020 election being stolen, attacked the US Capitol, the ex-President was barred from Twitter and Facebook.
Trump’s Twitter account, which had more than 88,000,000 followers, was his preferred way of communicating with fans, critics, and even to announce key policy decisions, appointments or dismissals by the volatile White House staff.
TRUTH Social will be the first stage of the Trump Media Plan. Next, TMTG+, a subscription-video-on-demand service, will follow. It will offer entertainment, news, and podcasts, according to the release.
Trump promised to make an alternative to Silicon Valley’s internet companies that were ‘biased against him’ and other conservative voices after being blocked from Youtube, Facebook, and Twitter on January 6.
This $1 billion amount would add to the $293 million Digital World Acquisition Corp received in an initial public offer (IPO) in September. The total proceeds of TRUTH are now approximately $1.25 billion.
It is expected that the firm will also make its stock market debut within the next few months. The company is valued at approximately $4 billion.
Digital World, (also known as a Special Purpose Acquisition Company, SPAC) is an entity that is solely aimed at merging with other entities.
Trump Media and Technology Group will merge it.
Trump Media and Digital World stated in a statement that $1 billion of the transaction will come from private investments in public equity (PIPE). The investors were not named.
Before the Trump media deal, special purpose acquisitions (SPACs), companies like Digital World lost much of its lustre among retail investors. After the ambitious financial projections of SPACs collapsed, many investors suffered huge losses.
Trump Media and Digital World signed an agreement to be listed publicly in October, at $875million including debt.
Months ago, shares of Digital World Acquisition Corp shot up after it said it was teaming up with Trump, going from $10 to as much as $175 in two days.
It has since come back down after that initial euphoria, closing Friday at $45, which gave it a market value of $1.67 billion.
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