More than $1 billion raised for Trump's social media start-up: Report
"$1 billion sends an important message to Big Tech," Former President Trump said, describing his platform as fighting "back against the tyranny of Big Tech."
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Former President Donald Trump's social media start-up announced Saturday about $1 billion dollars have been raised for the platform by investors, according to the company's website, tmtgcorp.com.
The 45th president's Trump Media & Technology Group (TMTG), will launch an app, TRUTH Social, by February 2022, according to Apple's App Store where it is currently available for pre-order.
"$1 billion sends an important message to Big Tech that censorship and political discrimination must end," Trump wrote.
When Trump was kicked off of most social media platforms, he had a total of 146.5 million followers between Twitter, Facebook, and Instagram. The majority of followers – 89 million – came from Twitter.
"America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech," Trump stated.
TMTG merged with Digital World Acquisition Corp (DWAC) to go public in October, valued at $875 million. By mid-November, the company was valued at $10 billion, according to Forbes.
Trump Media's press release states that DWAC "has entered into subscription agreements for $1 billion in committed capital to be received upon consummation of their business combination (the "PIPE") from a diverse group of institutional investors."
The stock has since leveled out, and the company is now valued at nearly $4 billion. At the close of the market Friday, DWAC was valued at just under $45 a share.
According to Reuters, day traders and Trump supporters are purchasing the stock, but many Wall Street firms are snubbing the stock, seemingly hesitant to purchase something associated with Trump.
Trump's latest business venture will also feature an online subscription television network that will be launched at a later date.
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