The former president launched his new company, Trump Media & Technology Group (TMTG), in October. He unveiled plans for a new messaging app called Truth Social to compete with Twitter and other social media platforms that banned him following the Jan.6, 2021 uprising on the U.S. Capitol.
TMTG’s plan is to become a publicly traded company through a merger with Digital World Acquisition, a special purpose acquisition company whose sole purpose is to acquire a private company and bring it public.
Institutional investors were not identified in a statement released on Saturday by Trump Media and Digital World. The money would come from
a diverse group investors after the merger of the two companies, it has been said.
Digital World said in the statement that the $ 1 billion was more than the $ 293 million (CDN $ 376 million), less expenses, that it could invest.
A potential jackpot for Trump
I have no doubts that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including continuing to attract the best talent, hire the best technology providers, and deploy significant advertising and business development campaigns.said Patrick Orlando, CEO of Digital World.
Donald Trump is listed as Chairman of TMTG. He will get tens of millions of free shares if the merged company performs well, potentially handing the former president billions of dollars in paper wealth.