Hillicon Valley — Biden celebrates 'right to repair' wins
Trump social media startup receives commitment of $1 billion from unidentified 'diverse group' of investors
Former President Trump's social media group, Trump Media & Technology Group Corp. (TMTG), and its blank-check company announced on Saturday it had received a commitment of $1 billion from an unidentified "diverse group of institutional investors."
TMTG and blank-check company Digital World Acquisition Corp. said that "subscription agreements for $1 billion in committed capital" would be received from an unknown group of investors once TMTG and Digital World are combined.
In October, Trump announced that he would be creating a social media network dubbed "Truth Social," whose full launch is expected in the first quarter of 2022. The network has been advertised as a platform "that encourages open global conversation without discrimination on the basis of political ideology."
The move came after several social media companies kicked the former president off their sites following the Capitol riot on Jan. 6, when Trump supporters stormed the Capitol and attempted to stop Congress from certifying President Biden's election win.
"$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech," Trump, who is listed as TMTG's chairman, said in a statement.
"I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns," Digital World CEO and Chairman Patrick Orlando said in a statement.
TMTG is also expecting to debut a subscription-based video streaming service called TMTG+, which will feature "non-woke" news, entertainment, podcasts and other content.