Former US President Donald Trump appears to be moving closer to making his new ‘Truth Social’ social media platform a reality.
In the latest development, Trump’s new social media company and his special-purpose acquisition company partner said the partner has deals for $ 1 billion in capital with institutional investors.
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In October, Trump launched a new company, Trump Media & Technology Group. The former president is looking to create a new messaging app called “Truth Social” to compete with Twitter and other social media platforms that banned it after the Capitol riots.
According to the plan, the Trump Media & Technology Group wants to become a publicly traded company through a merger with publicly traded company Digital World Acquisition Corp, which is a special purpose acquisition company with the goal of acquiring a private company and make it public.
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In the statement released on Saturday, Trump Media and Digital World did not identify institutional investors. Once the two companies are combined, the money would come from a “diverse group” of investors, he said.
In the statement, Digital World CEO Patrick Orlando said, “I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including continuing to attract top talent, hire the best technology providers and deploy major advertising and business development campaigns. ”
(With contributions from agencies)