TRUTH Social, the new social media launched by Donald Trump’s Trump Media & Technology Group (TMTG), has raised $1bn from investors, after entering a subscription agreement with spac Digital World Acquisition Corporation (DWAC).
The former US President said the $1bn funding “sends an important message to Big Tech that censorship and political discrimination must end.”
“America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.”
According to the spac’s chief executive Patrick Orlando, following the infusion of funding, the company has strong foundation to grow on.
“The liquidity that will be provided to the combined company balance sheet, in excess of the up to $293 million (less expenses) that DWAC may provide, should fortify the strategic positioning of TMTG.
“I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns.”
The news came few weeks after the deal with Trump was announced and Digital World Acquisition Corporation’s shares rose dramatically, leading to hedge funds making millions in potential gains.
Trump, who continues to be banned from the likes of Twitter and Facebook following the January attack on Capitol Hill, launched TRUTH Social in late October, saying that “we live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President has been silenced. This is unacceptable.”