Donald Trump’s budding social media venture and an investment vehicle he is partnering with said on Saturday that institutional investors have pledged $1 billion to fund the former president’s startup.
The amount will be in addition to the $293 million raised by Digital World Acquisition Corp in an initial public offering in September, the companies said in a statement.
Digital World is a Special Purpose Acquisition Company (SPAC), sometimes called a “blank check” company because it has been established with the sole purpose of merging with another entity.
It is set to merge with Trump’s startup, Trump Media & Technology Group. Joining SPAC is a short way to sell shares publicly.
Both companies say they plan to launch the social media platform “Truth Social” nationally early next year.
Trump says it will be an option for Silicon Valley internet companies, which he says are biased against him and other conservative voices.
The 75-year-old was removed from Twitter – his favorite communication conduit while he was president – as well as Facebook and YouTube following the January 6 uprising, in which crowds of Trump supporters, incensed by his repeated false claims of November 2020. The election was stolen from him, the US Capitol attacked.
Saturday’s statement did not say who was investing the $1 billion in Trump’s venture.
Months ago, shares of Digital World Acquisition Corp said it was working closely with Trump, going from $10 to $175 in two days.
It is back down to earth after that initial euphoria, closing Friday at $45, which gave it a market cap of $1.67 billion.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)