Trump Says New Social Media Firm has Raised $ 1Billion

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. 

SEE ALSO: Donald Trump Launches His Own ‘Online Platform’, Calls it “From the Desk of Donald J. Trump”

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. 

SEE ALSO: Pro-Trump Social Media Application GETTR Hacked?

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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