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"Social truth": Trump raises $ 1 billion for his social network


The company founded by former President of the United States Donald Trump said on Saturday that it had signed a financing contract for u

Its supporters believe it, investors too.

On Saturday, December 4, 2021, Trump Media & Technology Group, an American company founded by Donald Trump, announced that it had obtained a billion dollar agreement from a group of institutional investors to finance the development of “Social Truth”, the future social network of the American billionaire.

“$ 1 billion sends an important message to Big Tech: Censorship and political discrimination must end.

America is ready for Truth Social, a platform that will not discriminate on the basis of political ideology, ”Donald Trump said in a statement.

Read alsoWhy Donald Trump is launching his social network "Truth Social"

The former president thus presents “Truth Social” as an alternative to Facebook, Twitter and YouTube from which he is banned for having incited his supporters to violence before the assault on the Capitol on January 6.

Currently available for pre-order on the App Store, the application should theoretically be launched in the first quarter of 2022.

If it happens, this fundraising, worthy of the most promising start-ups, would therefore be added to the $ 293 million already recovered by Digital World Acquisition Corp, this acquisition company - Spac in English - responsible for attracting stock market investors before merging with Trump Media & Technology Group, which is to give birth to “Social Truth”.

The stock market is on fire again

Driven by the interest of individual investors, the action of "Spac" had skyrocketed after the announcement of its merger with Donald Trump's company, from around $ 10 to a peak of $ 175 in two days.

However, it fell back after this initial craze and closed at $ 45 on Friday, giving it a valuation of $ 1.67 billion.

By removing the transaction fees, Trump Media & Technology Group should recover $ 1.25 billion to finance the launch of the social network of the former US president.

The two companies behind this announcement, however, did not specify who were the investors committed to financially support the media of the former President of the United States, which, if it sees the light of day, promises to talk to again talk about the billionaire, particularly corrosive.

Something to set the tone for its platform.

Source: leparis

All business articles on 2021-12-04

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