Social media firm Trump claims to raise $ 1 billion from investors

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Donald Trump’s new social media firm and his acquisition partner said on Saturday that the partner had signed deals for $ 1 billion in capital with institutional investors.

The former president launched Trump Media & Technology Group (TMTG) in October. He unveiled plans for a new messaging app called Truth Social, meant to compete with Twitter and other social media platforms that banned it following the deadly attack on the U.S. Capitol on January 6.

Trump remains in considerable legal jeopardy, resulting both from his lie that his loss to Joe Biden was caused by electoral fraud – which fueled the attack on Congress – and his financial affairs.

Amid investigations by the Trump Organization, Trump’s personal worth is said to have plummeted. In October, for the first time, Forbes removed him from its list of the 400 richest Americans.

Last month, discussing a New York investigation into Trump’s tax affairs, former lawyer and billionaire fixer Michael Cohen said he believed New York prosecutors could “indict Donald Trump tomorrow if they really wanted to and succeed ”.

TMTG’s plan is to become a publicly traded company through a merger with Digital World Acquisition, a special purpose acquisition company incorporated for the sole purpose of acquiring a private company and bringing it public.

Institutional investors were not identified in a statement released on Saturday by TMTG and Digital World. The money would come from “a diverse group” of investors once the two companies are combined, he said.

Digital World said in the statement that the $ 1 billion was more than the $ 293 million (minus expenses) it could invest.

“I have no doubts that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its businesses, including continuing to attract the best talent, hire the best technology providers, and deploy significant advertising campaigns and of business development, ”said Digital World CEO Patrick Orlando, said.

Trump is listed as chairman of TMTG. He will get tens of millions of free shares if the merged company performs well, handing the former president perhaps billions of dollars in paper wealth.

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