Sun 05 December 2021:
Former US President Donald Trump appears to be getting closer to launching his new social media network, ‘Truth Social.’
In the most recent development, Trump’s new social media firm and its special purpose acquisition company partner announced that the partner has agreements with institutional investors for $1 billion in capital.
Trump started a new company, Trump Media & Technology Group, in October. The former president plans to launch a new messaging program called ‘Truth Social’ to compete with Twitter and other social media platforms that banned him following the Capitol protests.
In the press release issued on Saturday, Trump Media and Digital World did not identify the institutional investors. After the two companies are combined, the money would come from ‘a diverse group’ of investors, it said.
In the release, Digital World CEO Patrick Orlando, said, “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.”
The Trump Media & Technology Group intends to become a publicly traded company by merging with the publicly traded Digital World Acquisition Corp, which is a special purpose acquisition company whose objective is to purchase a private company and make it public.
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