Donald Trump’s new social media company and its special-purpose acquisition partner say the partner has secured deals for $1 billion in capital with institutional investors.
The former president launched his new company, Trump Media & Technology Group, in October. He unveiled plans for a new messaging app called “Truth Social” to rival Twitter and other social media platforms that banned him following the Jan. 6 uprising at the U.S. Capitol.
TMTG’s plan is to become a publicly traded company through a merger with publicly traded Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire a private company and make it public.
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The institutional investors were not identified in a press release issued Saturday by Trump Media and Digital World. The money would come from “a diverse group” of investors after the two companies merged, he said.
Digital World said in the statement that the $1 billion was more than the $293 million (minus expenses) it could invest.
“I am confident that TMTG can effectively deploy this capital to accelerate and strengthen its business execution, including continuing to attract top talent, hire top technology providers, and deploy significant advertising and development campaigns. commercial,” said Patrick Orlando, CEO of Digital World. said in the press release.
Trump is listed as chairman of the TMTG. He will receive tens of millions of special free shares if the combined company does well, giving the former president possibly billions of dollars in paper wealth.
© 2021 The Canadian Press
