Trump’s latest anti-censorship social network site, announced the ex-president 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.’
In an earlier statement, the 45th 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.
Trump will launch the TRUTH social media app during the first quarter in 2022
The fledgling social media 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. Above: Trump in Georgia, October 30, during the World Series between Atlanta Braves & the Houston Astros
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, 75, 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 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. A SPAC link is an easy way to publically sell shares.
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 luster 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.
Some Wall Street investors are reluctant to associate with Trump, following his ban from top social media platforms after the January 6 attack by his supporters on the US Capitol amid concerns he would inspire further violence (file photo)
Trump’s loyalists and Trump himself made unsubstantiated claims that there was widespread fraud during last year’s election.
Digital World Acquisition Corp’s shares rose after Trump said that it had teamed up, a few months back. In just two days, they went up from $10 to nearly $175.
After the initial excitement, it has returned to reality and closed Friday at $45, giving it a market capitalization of $1.67billion.
TRUTH social was not available to many Wall Street investors, including mutual funds and equity firms.
This $1 billion amount would add to the $293 million Digital World Acquisition Corp received in an initial public offer in September. The total proceeds of this offering will be approximately $1.25 billion
Hedge funds, family offices (which manage the wealth and kin of the extremely wealthy and their children) and individuals with high net worth were some of those who took part.
Due to Trump’s ban on top social media platforms following the attack of his supporters at the US Capitol January 6, 2017, Wall Street investors have resisted Trump’s invitation to join them. They are concerned that he might inspire more violence.
Trump and his supporters made unsubstantiated claims that there was widespread fraud during the last presidential election.
At the moment his social media accounts were banned, Trump had 88 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram, according to the Trump Media Technology Group website.
Trump stated in a Saturday statement that he believes Trump Media Technology Group (as its balance sheet grows) will be better able to resist the rule of Big Tech.
Trump stated in a Saturday statement that he believes Trump Media Technology Group (as its balance sheet grows) will be better able to resist the Big Tech tyranny.
TRUTH Social raised capital to highlight the ability of former US President Barack Obama to secure strong financial backing in order for him and his political brand to be able “truth”
DC has raised concerns about the deal already.
US Senator Elizabeth Warren requested that Chairman Gary Gensler of the Securities and Exchange Commission, (SEC), investigates the proposed merger in order to determine whether there were potential securities law violations around disclosure.
However, the SEC declined to comment on any plans for action.
Investors who attended the investor roadshows were given a demonstration of the social media application, which looked similar to a Twitter feed.
A slide presentation on the company’s website shows how it sees itself competing against Amazon.com’s AWS cloud service as well as Google Cloud.
Trump makes a comeback following his ban from Youtube, Facebook, and Twitter in the wake of Jan 6: THRUTH Media and Trump Media entertainment and news
Trump was removed from Twitter and Facebook after the January 6 rebellion in which Trump supporters, angered by repeated false allegations that the November 2020 election had been stolen, attacked the US Capitol.
He then pledged to create a social media platform that would be an alternative to Silicon Valley internet companies that ‘are biased against him and other conservative voices.’
Trump plans to launch TRUE Social, which has a resemblance with Twitter, Trump’s favourite social media platform when he was president. It will be launched in the first quarter 2022.
The fledgling social media venture and an investment vehicle it is partnering with said Saturday that institutional investors have pledged $1 billion in funds for the former president’s startup.
TRUTH social is the first stage of the Trump Media plan. Next, a subscription video on-demand service called TMTG+ will be available that will offer entertainment, news, and podcasts according to the press release.
Trump will launch the TRUTH social media app during the first quarter in 2022
TRUTH social is the first stage of the Trump Media plan. It’s followed by TMTG+, a subscription-video-on-demand service.
Trump stated that he wants alternatives to media outlets that are ‘biased against him’ and other conservative voices.