Sunday, December 5, 2021
a billion dollar promise
Trump gets sponsors for network project
Donald Trump still has a large following in the US, only he no longer reaches them through channels like Twitter and Facebook. With “Truth Social” the former president wants to build his network. There are already substantial commitments for the required start-up capital.
Former US President Donald Trump did… planned online network And an associated IPO was backed by financially sound investors. These were to provide one billion dollars (880 million euros), announced the Trump Media and Technology Group (TMTG) founded by Trump and partner company Digital World.
Exactly who are the investors behind the billions of dollars was not disclosed in the announcement. Both companies said the money would be added to the $293 million that Digital World made public in September.
“A billion dollars is an important message for Big Tech that censorship and political discrimination must end. America is ready for Truth Social, a platform that will not discriminate based on political ideology,” it said. Press release From TMTG.
Trump was banned from major online platforms such as Twitter, Facebook and YouTube after storming the Capitol on January 6. The 75-year-old had announced his own platform as an alternative to the “tyranny” of large technology corporations. It will operate under the name “Truth Social” and will be launched early next year. Trump is still very popular with the conservative base and is doing so with a renewed presidential candidacy in 2024.
Digital World Acquisition Corp. is a so called Special Purpose Acquisition Company (Spac). As a place, it is, so to speak, an empty shell which is already traded on the stock exchange. Using such stock exchange vehicles is a popular way to get to Wall Street in the United States.
