PALM BEACH, Florida (AP) — Donald Trump’s new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion in capital from institutional investors.
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The former president launched his new company, Trump Media & Technology Group, 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 insurrection 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.
Digital World 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 is listed as chair of TMTG. He 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.
It might be true. I suspect it is not.
It might be true. I doubt it though.
Trump is an owner but not THE owner. Right now, they are about to be sued for infringement of the open source code they are using and already missed a deadline for launch. It’s going to be a hot mess.
Trump has a long history of bankruptcies so don’t be surprised if he drains the company and them files for bankruptcy.
Trump can’t lose because it’s not his money. The investors on the other hand are on borrowed time.
I hope it succeedes and he gets millions
$$1 B can buy a lot of lies, hate, conspiracy theories. Perfect for trumpf.