Former U.S. President Donald Trump said that he has raised $1 billion for his new social media venture. The 45th U.S. President is eyeing a launch of his social media application, Truth Social. The application will be rolled out under the Trump Media & Technology Group banner in the first quarter of 2022.
The news comes just under a year after Trump was banned from almost all major social media platforms following the attacks on the U.S. Capitol on January 6.
Trump’s tiff with social media companies and next steps
Twitter announced a lifetime ban for Trump from the Twitter Safety account. Apart from Twitter, Trump’s account is also banned from Instagram and Facebook for an indefinite period.
Truth Social has raised $1 billion from investors after signing a subscription agreement with Digital World Acquisition Corporation (DWAC). Trump said that the “$ 1 billion funding” sends a very strong message to Big Tech pertaining to political discrimination and censorship. He further added that as his social media company’s balance sheets grow, they are well equipped to fight against the discrimination of the Big Tech companies.
He said that America is now ready for TRUTH Social, a social media platform that will not discriminate based on a user’s political ideology. According to DWAC Chief Executive Patrick Orlando, the funding has provided a solid foundation for the social media platform to grow.
Investor information remains undisclosed, attracts SEC attention
According to Reuters, Trump was successful in pulling in financial backing due to his strong political and personal brand.
As of now, there is no public information on who the investors are. In addition, even the financial details of the new firm have not been disclosed. Some reports even suggest that merger with Digital World Acquisition Corp has also not yet been closed.
The merger has attracted the attention of U.S. Senator Elizabeth Warren who has asked the Securities and Exchange Commission (SEC) Chairman Gary Gensler to probe the merger.
SEC has remained mum until now on whether it will take any action.
Image Source: rawpixel.com