Look out Big Tech.
President Donald Trump‘s new social media group,Trump Media & Technology Group (TMTG), along with Digital World Acquisition Corp (DWAC) announced that they have recieved a commitment of $1 billion in donations from an unidentified group of investors.
DWAC is committing $293 million to the partnership with TMTG, bringing the total amount to roughly $1.25 billion.
The new social media platform is called “Truth Social,” and is expected to launch in early 2022.
President Trump has been banned from both Twitter and Facbook since January, and says he wishes to allow social media users the ability to have conversations “without discrimination on the basis of political ideology”.
Here's the latest on President Trump's anti-Big Tech social media startup from the Post Millennial:
Trump Media & Technology Group Corp. (TMTG), former President Donald Trump's social media group, and Digital World Acquisition Corp. (DWAC) announced Saturday they've received a commitment of $1 billion "PIPE" investment in committed capital from an unidentified "diverse group of institutional investors" to fund the digital media venture.
The transaction will provide estimated proceeds of approximately $1.25 billion, after deducting estimated deal expenses, to be used to fund operations.
TRUTH Social, which is TMTG's forthcoming social media platform, will provide an outlet that "encourages open global conversation without discrimination on the basis of political ideology." In addition, TMTG+, the company's subscription-based video streaming service, is expected to include access to "non-woke" entertainment, news, documentaries, podcasts and more.
The BBC has more details:
The Trump Media & Technology Group is working to launch a social media app called Truth Social early next year.
It comes as Mr Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January.
"$1bn sends an important message to Big Tech that censorship and political discrimination must end," he said.
"As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech."
Mr Trump announced plans to launch Truth Social earlier this year, saying it would allow conversation "without discrimination on the basis of political ideology".