Donald Trump’s social media company says it has agreements in place to raise $1 billion from investors ahead of a stock market debut in the United States.
The Trump Media & Technology Group, which will be listed on the Nasdaq, intends to launch Truth Social, a new social media platform, next year.
The former US president has slammed Twitter and Facebook for barring him from their platforms, citing concerns that his social media activity incited the 6 January attack on the Capitol as rival Joe Biden’s election victory was certified. Mr. Trump had previously accused those platforms of censorship and political discrimination against conservatives, and he repeated that accusation in the wake of the funding announcement.
Following the ban, he launched the “From The Desk of Donald J. Trump” blog – initially describing it as a platform – but closed it down less than a month later. One of his aides, Jason Miller, told CNBC jobs the page “was just auxiliary to the broader efforts we have and are working on”, hinting towards the new social media platform launch.
“$1bn sends an important message to Big Tech,” Mr. Trump stated in a press release announcing the funding. “As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech,” he added.
According to Reuters, the former president’s success in attracting financial backers can be attributed to his personal and political brand. There are no public details on who the investors are or the new company’s financial details, and the deal to merge with the so-called blank cheque firm of Digital World Acquisition Corp has not yet been completed, according to Bloomberg.
According to Reuters, US Senator Elizabeth Warren has requested that the Securities and Exchange Commission (SEC) chairman Gary Gensler investigate the proposed merger for potential violations of securities laws relating to disclosure.
The SEC has refused to comment on whether it intends to take any action. It comes as Mr. Trump has continued to solicit donations, hinting that he may run again in 2024 but without making a formal pledge, which could limit his fundraising activities.
Truth Social has been marketed as a platform that allows conservatives to express themselves freely without the platform moderating their messages “on the basis of political ideology.” Mr. Trump has continued to claim, without evidence, that his opponent, Mr. Biden’s, the election was rigged
Source: Sky News