Donald Trump’s new social media firm claimed that it has raised $1bn from investors. The new social media platform shared this statement before that planned stock market listing of this company.
The Trump Media & Technology Group is planning to launch a social media app next year. The app is called “Truth Social” and Mr. Trump is determined to share his thoughts and opinions through this social media channel. However, Mr. Trump remains banned on some popular social media platforms like Facebook and Twitter. After the attack on the US Capitol in the early of this year, these big social media giants decided to ban Mr. Trump.
Mr. Trump announced his plan to establish the “Truth Social” earlier this year. At that time, he mentioned that the social media platform would allow conversation “without discrimination on the basis of political ideology”. He also said, “$1bn sends an important message to Big Tech that censorship and political discrimination must end,” The former US president declared, “As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech.”
The Trump Media & Technology Group said it had collected $1bn from “a diverse group of institutional investors”. However, they didn’t reveal the actual source. It is announced that the new social media venture is now valued at almost $4bn.