Trump social media firm says it has raised $1bn

Trump social media firm raises $1bn from investors

12/5/2021 5:28:00 PM

Trump social media firm raises $1bn from investors

The former US president is working to launch a social media app called Truth Social early next year.

Getty ImagesDonald Trump's new social media firm says it has raised $1bn (£755m) from investors ahead of a planned stock market listing.The Trump Media & Technology Group is working to launch a social media app called Truth Social early next year.

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It comes as Mr Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January."$1bn sends an important message to Big Tech that censorship and political discrimination must end," he said."As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech."

Mr Trump announced plans to launch Truth Social earlier this year, saying it would allow conversation "without discrimination on the basis of political ideology".Steve Bannon pleads not guilty to contempt chargeThe Trump Media & Technology Group has partnered with Digital World Acquisition, a blank-check acquisition firm, on the venture.

On Saturday, they said they had secured the $1bn from from "a diverse group of institutional investors" without revealing who they were. According to reports, the social media venture is now valued at almost $4bn.It underscores the former US president's ability to attract strong financial backing despite the controversy surrounding his time in charge.

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Image source,Image caption,Protestors storming the US Capitol in JanuaryMr Trump was banned from top social media platforms after the 6 January attack by his supporters on the US Capitol in Washington DC amid concerns the then-president would inspire further violence.

It came after Mr Trump made claims, without evidence, of widespread fraud in last year's presidential election.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.

Mr Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company's website.He has also repeatedly dropped hints that he might seek the presidency again in 2024.

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ScrutinyTrump Media & Technology Group's partnership with Digital World Acquisition has already attracted scrutiny.Last month Democratic Senator Elizabeth Warren asked the Securities and Exchange Commission to investigate the planned merger for potential violations of securities laws.

The SEC has declined to comment on whether it plans any action.Truth Social is scheduled for a full rollout in the first quarter of 2022. It is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.

In a slide deck on its website, the company envisions eventually competing against's AWS cloud service and Google Cloud.

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I am so joining this shit!!! Looking forward to his return. Have we ever seen a bigger flop than JoeBiden ? There are many empty people who put their hope in fakers 👀 buncha SUCKAS. donating. Or .... Russia? Let's hope none of the investors expect to see their money again..The Donald has an impeccable record of business failure.

1 Tory ppe contract. Grifting. It’s all he knows. Grifters gotta grift Fools and their money are easily parted. They say it’s easy to part a fool from his money ….

Donald Trump blasts US top general as ‘a f***ing idiot’ over Afghanistan withdrawalDONALD TRUMP has blasted the top general in the US as 'a f***ing idiot' over the withdrawal of troops from Afghanistan. Says the guy who suggested using nukes 3 times during his term, hardly an expert. Everything left there was fully disabled and rendered inoperable. His vocabulary is extremely limited because he doesn’t read. It’s always the same string of simple words over and over. Both of the previous nasty ends to an evening would be preferable to having to spend an evening with...this.

Is this Trump spouting Fake News Can anyone tell me what Trump did in his 4 years.? He gave 8 trillion to the wealthy. He started a biological war, shut down America, people lost jobs, businesses, 800,000 plus dead. So trump just got a billion right? Str8 to his pocket Lost my life savings sheltering from the pandemic and fires from 3/2020 thru 6/2021. And this guy can raise $1bn.

truth please Trump is the Forever President - or so you’d think based on his coverage. He’s in The Times every single day - never ever a day missed. In fact many times on many days. Mind the BBC can’t get over their nose put out of joint when he tagged them with fake news - he was correct. Stinks of money laundering

Jeff Bezos give me 30 billion dollar I have to like him.USA my working main office so much cost expensive I need useful peoples not need me disturbing peoples And?

Donald Trump had McDonald's ordered to hospital while being treated for CovidThe former US president is said to have ordered McDonald's to his room at Walter Reed Hospital, while hospitalised with Covid-19 in October 2020 ahah yep look he is a great show man, but my god he is a shit show politician down right dangerous at that, the Queen loves you not Then what happened?

This will pay for his legal fees I'm willing to bet that as soon as it's launched, it'll be overloaded with messages that 'aren't in his best interest' 😆 More fools them To soon add to the list of previous failures 1. Trump Steaks 2. GoTrump 3. Trump Airlines 4. Trump Vodka 5. Trump Mortgage 6. Trump: The Game 7. Trump Magazine 8. Trump University 9. Trump Ice 10. The New Jersey Generals 11. Tour de Trump 12. Trump Network 13. Trumped!

So many muppets in the world Which ever side you are on , you either like free speech or you don’t and from a lot of post replies on this , there are a lot of people that don’t like to hear another side of a debate ! Is it coincidence that most of them are on the left that don’t like debate ? I'm getting an account

I wonder how much Russian money is in there. Sopes signed up? The Kremlin couldn’t be more thrilled.

Donald Trump views Meghan Markle as 'future political opponent' after criticising DuchessMEGHAN MARKLE was heavily criticised by Donald Trump in his most recent interview but one journalist has claimed it might be because he views her as a 'future political opponent.' Lol. That dude is like 80yrs old By the time she enters politics he’ll be long gone Oh God I forgot that yoùr'e still alive! Of course he does and so do other right wing institutions, who take pot shots at her now.

56% of the 'investment' is crypto currency & 32% is in redatcic quill bonds. Fake news. 😡 Shame on every single one of them. How many Rubles to the dollar? SAC abducted at least 23 locals including students, volunteers, who are helping refugees in Kalay during Nov 11 to Dec 4. At least 5 men from Yeshin & Inngyun were also brutally killed by SAC after being abducted on Dec 1. HelpMyanmarIDPs Dec5Coup WhatsHappeningInMyanmar

All media is biased a level platform is needed tech companies are monopolising what is considered the truth...let's hope this is different I'm really looking forward to the anti-woke Trumpflix. Alternate headline...'Trump swindles gullible rubes out of $1 billion.' Bs. They failed to start it & the so-called “stock” tanked.

‘Trump manages to con one billion dollars’ There, fixed it for you.

Trump rails against Meadows for revealing Covid test cover-up – reportGuardian revealed explosive claims in chief of staff’s memoir as Trump slams ‘fake news’ but in private says aide ‘fucking stupid’ عنوان برنامج : اشباح غابة كنائن عنقوس ( اعساق ) القناة : الجارديان / الجزيرة توون ٦ | ١٦

“Investors” = rubes, racists, or Russians. Did he really, BBC taking a known liar at his word The BBC lost $1bn in license fee 🤣 The name “ Truth” and “ Social “ both immediately reminds of Donald Trump 😆

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