Trump’s social media company says it will raise $ 1bn from investors | Donald Trump

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Donald Trump’s new social media firm and its special purpose acquisition partner said on Saturday that the partner had agreements for $ 1bn of capital from institutional investors.

The former president launched the Trump Media & Technology Group (TMTG) in October. He announced plans for a new messaging app called Truth Social, meant to counter Twitter and the other social media platforms that banned him following the deadly attack on the U.S. Capitol on 6 January.

Trump remains in widespread legal danger, stemming from both his lie that his defeat of Joe Biden was caused by electoral fraud – which sparked attacks on Congress – and his financial affairs.

Amid investigations by the Trump Organization, Trump’s personal value is deemed to have fallen. In October, for the first time, Forbes removed him from its list of the 400 richest Americans.

Last month, discussing the New York investigation into Trump’s tax matters, former billionaire lawyer and fixer Michael Cohen said he believes New York prosecutors could “sue Donald Trump tomorrow if really they want to, and be successful “.

TMTG’s plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition, a special purpose acquisition company formed with the sole purpose of acquiring a private company and making it public.

Investors in the institution were not identified in a statement released Saturday by TMTG and Digital World. The money will come from “a diverse group” of investors after the two companies merge, it said.

Digital World said in the release that $ 1bn is more than $ 293m (minus costs) it can invest.

“I am confident that TMTG can effectively deploy this capital to accelerate and strengthen its business execution, including by continuing to attract top talent, hire top technology providers, and launch of meaningful advertising and business development campaigns, ”Digital World’s chief executive, Patrick Orlando, said.

Trump is listed as chairman of TMTG. He could get tens of millions in special bonus shares if the combined company performs well, giving the former president possibly billions of dollars in paper wealth.

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