Donald Trump’s new social media firm and his acquisition partner said the latter has signed deals worth $ 1 billion in capital with institutional investors.
The former president launched his new company, Trump Media Technology Group (TMTG), in October. He unveiled plans for a new messaging app called “Truth Social” to compete with Twitter and other social media platforms that banned him in the wake of the Jan. 6 uprising on the United States Capitol.
TMTG’s plan is to become a publicly traded company through a merger with Digital World Acquisition, a special purpose acquisition company whose sole purpose is to acquire a private company and bring it public.
Institutional investors were not identified in a statement released on Saturday by Trump Media and Digital World. The money would come from “a diverse group” of investors after the two companies merged, it was claimed.
Digital World said in the statement that the $ 1 billion was more than the $ 293 million (minus expenses) it could invest.
“I have no doubts that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including continuing to attract the best talent, hire the best technology providers and deploy significant advertising and development campaigns. commercial, ”said Patrick Orlando, CEO of Digital World, in the statement.
Donald Trump is listed as Chairman of TMTG. He will get tens of millions of free shares if the merged company performs well, possibly handing the former president billions of dollars in paper wealth.
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