Former US President Donald Trump's 1 billion$ investment in a new social media company
Former US President Donald Trump has launched a new social media company that has raised 1 billion$ from investors even before it was listed on the stock exchange.
The Trump Media and Technology Group is set to launch a new social media app called Truth Social next year.
Following the US Capitol Hill attack in January this year, Twitter and Facebook banned Trump's accounts.
On his new company, Trump says "one billion dollars (of investment) is an important message for big technology companies that censorship and political bias must end."
''Our balance sheet is growing and in the meantime the Trump Media and Technology Group will be in a strong position to fight the tyranny of the big technology companies''.
Trump announced the introduction of "Truth Social" this year, saying it would allow dialogue without prejudice based on political ideology.
In this regard, The Trump Media and Technology Group has partnered with a blank check company called Digital World Acquisition.
He said on Saturday that a diverse group of investors had invested 1 billion$.''He did not say who the investors were''. According to reports, this social media company is now worth four billion dollars.
It shows that former US President Trump has the potential to win strong financial support despite being embroiled in controversy during his tenure.
On January 6, 2021, Trump was banned by major social media companies. It happened when some of his supporters attacked the US Capitol Hill in Washington DC. The ban was imposed out of concern that Trump might incite people to more violence.
Trump has claimed without providing evidence that last year's presidential election was rigged.
According to Reuters, many investors on Wall Street refused to participate in Trump's new companies. But some hedge funds, family investment companies and the richest people financially supported this new social media app.
According to the former US president's website, before the ban, Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram.
He has also hinted that he may run for re-election in 2024.
Truth Social: What else will happen in Trump's new social media company?
''The partnership between the Trump Media and Technology Group and Digital World Acquisitions has already sparked scrutiny''.
Last month, Democrat Senator Elizabeth Warren called on the Securities and Exchange Commission to investigate the merger and possible breaches of securities laws.
However, the US agency declined to comment on the measures.
According to the schedule, Truth Social will be introduced in the first quarter of 2022. Under the plan, it will have a special video-on-demand service that can be subscribed to. According to the press release, its name is TMTG Plus and it will have facilities like entertainment, news and podcast.
According to the app's website, in the future it will also compete with the popular e-commerce website Amazon's cloud service AWS and Google Cloud.