Trump's social media company raises $1 billion from investors.
Donald Trump's start-up on social media said it had raised $1 billion from investors ahead of its planned listing.Trump Media & Technology Group is launching a social media app called Truth Social early next year.This is because Trump was banned from Twitter and Facebook after the attacks on the US
ability to garner solid financial backing despite the controversy over his tenure.
- Donald Trump's start-up on social media said it had raised $1 billion from investors ahead of its planned listing.
- Trump Media & Technology Group is launching a social media app called Truth Social early next year.
This is because Trump was banned from Twitter and Facebook after the attacks on the US Capitol in January. "A billion dollars sends an important message to Big Tech that political censorship and discrimination must end," he said.
"By expanding our balance sheet, Trump Media & Technology Group will be in a stronger position to resist the tyranny of significant technology. Trump announced plans to launch Truth Social earlier this year and said he would allow conversations about "non-discrimination based on political ideology."
On Saturday, they said they raised $1 billion from a "diverse group of institutional investors" without disclosing who they were. The company is now reportedly worth nearly $4 billion on social media. This underscores the former US president's ability to garner solid financial backing despite the controversy over his tenure.
Trump has been banned from leading social media platforms since his Jan. 6 attack on the united states Capitol Building in Washington on Jan. 6, fearing the then president would spark further violence. It comes after Trump made unsubstantiated accusations of widespread fraud in last year's presidential election.
According to Reuters, many Wall Street firms have turned down opportunities to invest in the former president's new company. But several hedge funds, family-owned investment firms, and high net worth individuals have backed it.
According to a presentation on his company website, Trump had 89 million followers on Twitter, 33 million on Facebook, and 24.5 million on Instagram at the time of his suspension. He has also repeatedly hinted that he could run for president again in 2024.
Trump Media & Technology Group's partnership with Digital World Acquisition has caused quite a stir.
Last month, Democratic Senator Elizabeth Warren asked the Securities and Exchange Commission to investigate the proposed merger for possible breaches of securities laws.
Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of 25hrNews and 25hrNews does not assume any responsibility or liability for the same.
(+91) 8081113111
pr@25hrnews.com
