Former US President Donald Trump raised money from institutional investors for his social media venture. So far, institutional investors have pledged $1 billion in funds.
Donald Trump Received $1 Billion Investment for His Startup
The $1 billion that Trump received will be added to the $293 million raised in September by the Digital World Acquisition Corp. Digital World is a special purpose acquisition company, also called the black check company, since its only purpose is to merge with another entity.
Digital World will merge with Trump’s startup Trump Media and Technology Group. This move will be made to easily present the shares of both companies to the public.
Digital World and Trump Media and Technology Group also plan to launch the new social media platform TRUTH Social in the US next year.
Trump announced his moves on his preferred means of communication, Twitter, as well as Facebook and YouTube.
Trump also stated that his new social media platform would become an alternative to other social networks that are openly against him.
Additionally, the statement didn’t disclose who invested $1 billion into Trump’s new plans. However, months ago, shares of Digital World jumped after it joined Trump, going from $10 to $175. At the moment, shares are trading at about $45.