$1 Billion Raised for Donald Trump’s Social Media App: America is Ready for This
Former US President Donald Trump has raised a whopping $1 billion to launch his own social media app “Truth Social”. Last year, Trump was banned from social media after his supporters stormed the Capitol. He calls his successful fundraising “an important message to the internet giants”.
Donald Trump is clearly fed up with not being able to be active on social media anymore. Almost a year ago, the avid tweeter and former US president was temporarily banned from Facebook, Twitter and YouTube. That was a result of his supporters storming the Capitol in Washington when Joe Biden was elected president. However, the risk of keeping Trump active on social media was too great at the time, according to Facebook CEO Mark Zuckerberg.
During the storm, Trump posted a video in which he says he loves the protesters and again claims that he is the real winner of the US presidential election. The social media ban is still in effect, prompting Trump now to launch his own social media app.
“America is ready for this platform,” Trump said in a Reuters report. “It will be a platform that does not discriminate based on political ideology.”
The “Trump Media & Technology Group” would like to launch its own social media app early next year: it would be called “Truth Social”. But from whom did Trump get that sum of 1 billion dollars? He approached institutional investors for this. These are large institutions such as a pension fund, an insurance company or an investment bank.
Institutional investors often invest large sums of money for a large group of clients at once. It is not known which investors are behind the financing. Trump added that “the $1 billion investment sends an important message to the internet giants that censorship and political discrimination must end”.
The “Trump Media & Technology Group” is also planning an IPO and is partnering with Digital World Acquisition. This is a so-called Special Purpose Acquisition Company (SPAC), an empty shell placed on the stock exchange to merge with other companies afterwards and thus bring them to the stock exchange.
But Senator Elizabeth Warren of the Democrats has already asked the US stock watchdog SEC (Securities and Exchange Commission, ed.) to investigate that partnership for possible violations of stock exchange regulations. The SEC has not yet responded.
Trump had more than 89 million followers on Twitter and 33 million on Facebook at the time he was blocked.