USA: Donald Trump Raises $ 1 Billion for ″ Social Truth ″ | The World | DW

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The company that should produce the future social network of former President Donald Trump and the company it will combine to enter the Stock Exchange confirmed on Saturday (12.04.2021) that a group of institutional investors has pledged to contribute 1,000 million dollars .

This amount will be added to the $ 293 million already acquired by “Spac” Digital World Acquisition Corp upon its arrival on Wall Street in September, a statement details. By withdrawing transaction costs, Trump Media & Technology Group must recover $ 1.25 billion to finance the launch of the former White House tenant’s social network, the document added.

The two companies have not yet identified who the investors have pledged to provide funding. Trump announced at the end of October 2021 that the company managing the operation of his future social network would merge with Digital World Acquisition Corp., a procurement company with a specific vocation, or “Spac” in English.

This stylish financial instrument is like an empty shell that has raised funds in the Stock Market, promising itself to approach a promising company in the coming months, thus allowing the latter to enter the Wall. Street without traditional processes.

Named Truth Social (Social Truth), the future platform was presented by the former president as an alternative to Facebook, Twitter and YouTube, where he was exiled for inciting his followers to raid the Capitol on January 6th.

Currently available for pre-order on the App Store, in theory it should launch in the first quarter of 2022. Due to the interest of private investors, the action of “Spac” increased after the announcement of its rapprochement with Trump’s company, which goes from approximately $ 10 to a maximum of $ 175 in two days. After initial enthusiasm, however, it fell again and closed at $ 45, giving him a value of $ 1.67 billion.

ama (afp, app, Reuters)

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