Trump: "A billion was raised for the launch of the new social platform"
The money came from unspecified institutional investors
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Trump Media & Technology Group (Tmtg) and partner company Digital World Acquisition have announced that some unspecified institutional investors have pledged to pay a billion dollars for the start-up of Truth Social, the social platform that the former President Donald Trump wants to launch after being banned from Twitter, Facebook and Youtube.
The sum will be in addition to the $ 293 million raised by Digital Word with an IPO in September.
The plan of Trump's social media company is to go public through the merger with the World Acquisition, which is a special purpose acquisition company (Spac), i.e. a company created with the sole purpose of buying a private company and bringing it on the stock exchange, shortening the times to sell the shares to the public.
(Unioneonline / D)
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