Institutional investors have pledged $1 billion in funding for former President Trump’s fledgling social media venture, the companies and their partner investment vehicles said today.
The companies said in a statement that the $1 billion is in addition to the $293 million raised by Digital World Acquisition Corp. through an initial public offering in September, AFP reported.
Digital World Acquisition Corp. is a Special Purpose Acquisition Company (SPAC), sometimes referred to as a “blank check” because such companies are formed The sole purpose of such a company is to merge with another entity.
Digital World Mergers & Acquisitions is expected to merge with Trump’s start-up, Trump Media and Technology Group; merging with a SPAC is a shortcut to becoming a publicly traded company.
The companies said they intend to launch a national social media platform, TRUTH Social, early next year.
Trump said TRUTH Social is an alternative to the Silicon Valley dot-coms, which he accused of being biased against him and other conservatives.
The statement today did not say who is behind the $1 billion investment in Trump’s new venture.