Trump Media & Technology Group is preparing to launch a social media app called Truth Social next year following a ban on Donald Trump from Twitter and Facebook over attacks on the United States (US) Capitol in January.
Donald Trump announced his plans to launch Truth Social earlier this year by upholding the notion of ‘non -discrimination on the basis of political ideology’.
The former president added that they had generated $ 1 billion which signaled to Big Tech that censorship and political discrimination must end and that the group was in a good position to fight Big Tech's 'tyranny'.
Trump Media & Technology Group has partnered with Digital World Acquisition, a special purpose acquisition company (Spac) or ‘blank check company’ in developing the project.
Spac, which became the talk of the US stock market earlier this year, was a shell company set up with the intention of merging with private firms to bring it to the public, however, they began to lose their luster after some of the companies they joined failed to achieve their ambitious financial projections. .
According to records, Trump’s firm said they had raised $ 1 billion from a ‘diverse group of institutional investors’ without revealing their identities on Saturday and to date it is approaching the value of $ 4 billion.
This underscores the former president’s ability to attract strong financial support despite facing controversy about during his tenure.
Earlier, Trump was banned from social media apps after an attack on Jan. 6 by supporters in the U.S. Capital in Washington DC amid fears the then-president would spark more violence.
It happened because Trump made unsubstantiated allegations of widespread fraud in last year’s presidential election.
According to a Reuters report, most Wall Street firms turned down the opportunity to invest in the former president’s project but there were a number of hedge funds, family investment firms and high -value individuals supporting it.
Prior to being banned, Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram.
