Billion dollar pledge: Trump finds sponsors for network project

They pledged a billion dollars
Trump finds sponsors for the network project

Donald Trump still has a large following in the United States, but he no longer reaches them via channels such as Twitter and Facebook. With “Truth Social” the former president wants to build his own network. There are already sufficient commitments to the startup capital.

Former US President Donald Trump did it for him planned internet And an associated initial public offering found support from financially strong investors. They wanted to save $1 billion (€880 million), Trump Media and Technology Group (TMTG), which Trump and partner company Digital World co-founded, announced.

The announcement did not say exactly who the investors behind the billion dollars were. The two companies said the money will add to the $293 million that Digital World already made in September when it went public in September.

“One billion dollars is an important message for big tech companies that censorship and political discrimination must end. And America is ready for Truth Social, a platform that will not discriminate on the basis of political ideology,” the statement read. press release from TMTG.

Trump was banned from major internet platforms such as Twitter, Facebook and Youtube after storming the Capitol on January 6. The 75-year-old has announced his own platform as an alternative to the “tyranny” of big tech companies. It will operate under the name “Truth Social” and will be launched early next year. Trump remains hugely popular with the conservative base and manipulates a new presidential nomination in 2024.

Digital World Acquisition Corp. is a so-called Special Purpose Acquisition (Spac) company. As a space, it is, so to speak, an empty shell that is already traded on the exchange. Using such tools on the stock exchange is an increasingly popular way to go to Wall Street in the United States.

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