Trump Media & Technology Group (Tmtg) and partner company Digital World Acquisition have announced that some unspecified institutional investors have pledged to pay a billion dollars for the start-up with which the tycoon intends to launch early next year. year a new social platform called Truth Social, after being banned from Twitter, Facebook and Youtube for its incendiary messages related to the onslaught of Congress.
The sum will be in addition to the $ 293 million raised by Digital Word with an IPO in September.
The plan of Trump's social media company is to go public through the merger with the World Acquisition, which is a special purpose acquisition company (Spac), i.e. a company created with the sole purpose of buying a private company and bringing it on the stock exchange, shortening the times to sell the shares to the public.
The two companies did not identify institutional investors in their release, but said the money will come from a "diversified group" of investors after the merger.