Trump Touts $1 Billion Investment in His New Social Media Platform
The platform, called TRUTH Social, is set to launch in 2022
Donald Trump said he had secured $1 billion worth of agreements from investors to develop his new social media platform that will rival Big Tech.
Trump announced that pledges from unnamed investors would turn into investments once Digital World Acquisition Corp., a blank-check firm, and the social media group - Trump Media & Technology Group Corp. are combined.
The platform, called TRUTH Social, is set to launch in 2022.
“$1 billion sends an important message to Big Tech that censorship and political discrimination must end,” Trump, the chairman of the group, said in a statement.
“Our focus on delivering public shareholder value drives our decision-making, and by accepting these commitments for a strategic infusion of growth capital, we believe the combined company can grow on an incredibly strong foundation,” Patrick Orlando, chairman of Digital World, added.
Although no names of investors were released, they were described as “a diverse group."
The capital is expected to be used for advertising campaigns and development.
Trump has topped using social media since he was banned from Twitter, Facebook, and other large platforms before leaving office.
Trump was accused of violating terms of service with some of his posts.
Trump was accused of encouraging violence with statements issued on Jan. 6 where Trump supporters entered the Capitol building.
Trump Media & Technology Group Corp. is aimed at becoming “a media powerhouse to rival the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley,” a company presentation says.
“If Big Tech can censor the president of the United States, they can censor anyone,” it added later.
The group also plans to launch a digital streaming service.
Trump's October announcement of the forthcoming technology alternatives drove a high volume of trading.
Trading in Digital World stocks was halted as the price soared.
In October, Neon Nettle reported that representative Marjorie Taylor Greene bought a large stake in Digital World Acquisition Corp. (DWAC).
Marjorie Taylor Greene Makes Massive Stock Purchase in Trump's Social Media Platform— Neon Nettle (@NeonNettle) October 28, 2021
READ MORE: https://t.co/kKZ7Ghjuvw
A periodic transaction report posted by the House Clerk revealed the Georgia Republican purchased the stake worth between $15,000 and $50,000 on October 22.
Trump said his new social media venture, TRUTH Social, will “challenge the dominance of the Big Tech giants” and go head-to-head with the leading platforms.