Donald Trump's Social Media Venture Raises $1 Billion, To Roll Out Messaging App 'Truth Social' To Take On The "Tyranny Of Big Tech"

Former U.S President Donald Trump's new social media venture has raised $1 billion from unidentified set of investors.

Trump Media & Technology Group Corp (TMTG) on Saturday (Dec 4) announced that Digital World Acquisition Corp(DWAC), a special purpose acquisition company (SPAC) vehicle set up by it, has raised $1 billion in in private investment in public equity (PIPE) from a diverse group of institutional investors.

Trump, who serves as the chairman of TMTG, said that the $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 said

The former president launched his new company in October. He unveiled plans for a new messaging app called “Truth Social” to rival Twitter and the other social media platforms that banned him following the Jan. 6 incidents at the U.S. Capitol.

TMTG's plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire a private company and take it public.

The institutional investors were not identified in a press release issued Saturday by Trump Media and Digital World. The money would come from "a diverse group'' of investors after the two companies are combined, it said.

DWAC said in the release that the $1 billion is above the $293 million (minus expenses) that it may invest. ''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 Patrick Orlando said in the release.

Trump will get tens of millions in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.

(With inputs from PTI)

Also Read: Trump Is The Sacrificial Head Big Tech Is Offering To Protect Its Moolah From Anti-Trust Action