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Trump's Social Network Receives $1 Billion

Trump’s Social Network Receives $1 Billion

DrFormer US President Donald Trump has found investor support for his planned online network and associated initial public offering. They wanted to save $1 billion (€880 million), the Trump Media and Technology Group (TMTG), founded by Trump and partner Digital World Inc., announced Saturday.

The announcement did not say exactly who the investors behind the billion dollars were. The two companies said the money will add to the $293 million that Digital World already made in September when it went public in September.

Trump was banned from major internet platforms such as Facebook, Twitter and Youtube after storming the Capitol on January 6. The 75-year-old has announced his own platform as an alternative to the “tyranny” of big tech companies. It will operate under the name “Truth Social” and will be launched early next year. Trump remains hugely popular with the conservative base and manipulates a new presidential nomination in 2024.

Digital World Acquisition Corp. is a so-called Special Purpose Acquisition (Spac) company. As a space, it is, so to speak, an empty shell that is already traded on the exchange. Using such tools on the stock exchange is an increasingly popular way to go to Wall Street in the United States.