Donald Trump's new social media firm says it has entered into agreements to raise $1bn from investors ahead of a planned stock market listing.
"$1bn sends an important message to Big Tech that censorship and political discrimination must end," he said. Spacs, which became a major story in the US stock market at the start of this year, are shell companies that are set up with the sole purpose of merging with a private firm to take it public. However, they have lost much of their lustre after some of the companies that merged with them failed to deliver on their ambitious financial projections.
Many Wall Street firms snubbed the opportunity to invest in the former president's new venture, according to Reuters. But some hedge funds, family investment firms and high net-worth individuals have backed it.
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