Trump raises a billion for his social network

Trump raises a billion for his social network

MISE & Agrave; DAY

The company to give birth to the future social network of former President Donald Trump and the company with which it is to merge to go public said on Saturday that a group of institutional investors are were pledged to contribute $ 1 billion. & nbsp;

This amount would be in addition to the $ 293 million already recovered by the “Spac” Digital World Acquisition Corp when it arrived on Wall Street in September, details a press release. & nbsp;

By removing transaction fees, Trump Media & amp; Technology Group should recover $ 1.25 billion to finance the launch of the social network of the former tenant of the White House, adds the document. & Nbsp;

The two companies did not specify who were the investors who pledged to provide funds.

Mr. Trump had announced in late October that the company to support its future social network would merge with Digital World Acquisition Corp, a special purpose acquisition company, or “Spac” in English. This fashionable financial instrument is like an empty shell raising funds on the stock market by committing to get closer in the following months to a promising company, thus allowing the latter to enter Wall Street without the traditional process./p>

Entitled “Social Truth,” the future platform was touted by the ex-president as an alternative to Facebook, Twitter and YouTube from which he is banned for inciting his supporters to violence before the assault on Capitol Hill on January 6. Currently available for pre-order on the App Store, it should theoretically be launched in the first quarter of 2022.

Driven by the interest of individual investors, the action of the “Spac” had skyrocketed after the 'announcement of its tie-up with Mr. Trump's company, going from around $ 10 to a peak of $ 175 in two days. Friday at $ 45, which gave it a valuation of $ 1.67 billion.

See also & nbsp;

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