Donald Trump’s social media startup and his partner in the special-purpose acquisitions partnership reported that the associate has reached agreements to raise $ 1.00 million of capital from institutional investors.
The former president launched his new company, Trump Media & Technology Group (TMTG), in October. He then revealed that he had plans to create a new messaging app called “Truth Social” to compete with Twitter and other social media platforms that vetoed it after the violent assault on the Capitol of USA January 6th.
TMTG’s plan is to become a publicly traded company through a merger with Digital World Acquisition Corp., an already publicly traded company engaged in special purpose acquisition, with the sole objective of acquiring private companies and make them public.
Institutional investors were not identified in a press release published Saturday by Trump Media and Digital World. The funds could come from “A diverse group” of investors after the two companies merged, he said.
Digital World said in the statement that the $ 1 billion is above the $ 293 million (less expenses) it can invest.
“I am confident that TMTG will be able to effectively deploy its capital to accelerate and strengthen the execution of its business, including continuing to attract significant talent, hiring major technology vendors, and launching major commercial and advertising campaigns.”Digital World CEO Patrick Orlando said in the statement.
Trump is listed as the president of TMTG. He will receive tens of billions of dollars in special stock if the merged company performs well, which could potentially give the president billions of dollars in paperwork.
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