Trump is a name that has not totally lost its luster in the financial world.
The desire of the former US president to launch his own social network, called Truth Social, has attracted funds from institutional investors.
They have pledged $ 1 billion to Trump Media & Technology Group, the latter said in a statement.
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United States: Donald Trump embodies the radical opposition and matures his revenge
Their identity is unknown.
But according to Reuters, it would primarily be hedge funds, wealth managers (Family offices) and high net worth individuals with an entry ticket of $ 10 million.
Donald Trump has himself made several phone calls to convince his supporters to commit up to $ 100 million in the Trump Media & Technology Group.
Information
"not woke"
Traditional funds have cautiously kept away from any transaction that could damage their image.
Shortly after the insurgency of January 6, 2021, which led a horde of supporters of Donald Trump to invade the Capitol to demand the annulment of the election of Joe Biden, the former US president was banned from major social networks , including Facebook, Twitter or Snapchat.
This led him to want to build an alternative social network where, he promises, freedom of expression will be guaranteed
"without discrimination against political ideologies".
The Trump Media & Technology Group also wants to launch the TMTG + video platform, which will broadcast
“non-woke”
series, films, documentaries and information
.
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If it gets the green light from the stock market authorities, Trump Media & Technology Group will merge with Spac Digital World Acquisition Corp.
This empty shell flared up on Wall Street in October, shortly after announcing its future merger with Donald Trump's group.
It raised $ 293 million, which will be added to the billion obtained elsewhere.
This influx of money seems to be above all the illustration of political support for the ideas of Donald Trump.
His group has in fact not communicated on its economic model and on quantified objectives.