Donald Trump’s Social Media Venture Says It Has $ 1 Billion Investment Pledge

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Saturday’s statement did not say who was investing $ 1 billion in Trump’s venture. (File)

New York:

Donald Trump’s start -up social media venture and an investment vehicle partner of it said Saturday that institutional investors had pledged $ 1 billion in funding for the former president’s start -up.

This amount is in addition to the $ 293 million Digital World Acquisition Corp raised in an initial public offering in September, the companies said in a statement.

Digital World is a special purpose acquisition company (SPAC), sometimes called a “blank check” company because it is set up with the sole purpose of merging with another entity.

It is set to merge with Trump’s startup, Trump Media and Technology Group. Linking to a SPAC is a short-cut way to sell shares to the public.

The two companies said they plan to launch the social media platform “TRUTH Social” nationwide early next year.

Trump said it would be an alternative to the internet companies in Silicon Valley that he says are biased against him and other conservative voices.

The 75-year-old was thrown out on Twitter-his preferred communication conduit while president-as well as Facebook and YouTube after the Jan. 6 insurgency in which a group of Trump supporters, were angry at his repeated false statements in the November 2020 election were stolen from him, the US Capitol was attacked.

Saturday’s statement did not say who was investing $ 1 billion in Trump’s venture.

A few months ago, shares of Digital World Acquisition Corp. rose after it said it was working with Trump, from $ 10 to $ 175 in two days.

It has since returned to earth after that initial euphoria, closing on Friday at $ 45, giving it a market value of $ 1.67 billion.

(This story was not edited by NDTV staff and was automatically generated from a syndicated feed.)

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