Donald Trump’s business venture into social media has gathered USD1 billion in funds from investors for the former president’s startup.
Trump is partnering with an investment acquisition company, Digital World, which previously raised USD293 million in initial public offerings in September, according to a statement by both companies.
Digital World is set to merge with the Trump Media and Technology Group, as it is a special purpose acquisition company, set up with the sole purpose of merging with another entity.
The two companies say they plan to launch the social media platform “TRUTH Social” nationally early next year.
The platform would be an alternative to Silicon Valley companies, according to Trump, which he says are biased against him and other conservatives.
The former US president was banned from Twitter, Facebook, Youtube and other platforms after the January 6 insurrection in which Trump supporters stormed the US Capitol, riled up by his claims of a stolen election.
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