A group of institutional investors has pledged to provide this amount, according to a press release from the companies carrying the project. The future platform is to be launched next year.
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It is still too early to discuss his moderation policy, but the future social network launched by Donald Trump is already mobilizing investors. The company that is to give birth to the digital platform of the former US president, as well as the company it must merge to go public, have announced that a group of institutional investors was ready to contribute a billion dollars.
This sum would be in addition to the $ 293 million already recovered by the company Digital World Acquisition Corp when it arrived on Wall Street in September, details a statement (in English) published Saturday 4 December. By removing the transaction fees, Trump Media & Technology Group should recover $ 1.25 billion to finance the launch of the social network of the former tenant of the White House, adds the document. The two companies did not say who the investors pledged to provide the funds were.
Donald Trump announced at the end of October that the company to support its future social network was going to merge with Digital World Acquisition Corp, an acquisition company with a specific vocation, or “Spac” in English. This fashionable financial instrument is like an empty shell raising funds on the stock market by committing to get closer in the following months to a promising company, thus allowing the latter to enter Wall Street without the traditional process.
>> United States: three questions on Truth Social, the social network that Donald Trump wants to launch
Entitled “Social Truth”, the future platform was presented by the former president as an alternative to Facebook, Twitter and YouTube from which he is banned for having incited his supporters to violence before the assault on Capitol Hill on January 6. Currently available for pre-order on the App Store, it should theoretically be launched in the first quarter of 2022. The tone of future exchanges is already reflected in the demo screenshots: “Cancel the cancel culture!” (“Remove the culture of erasure”).