The creation of the social networking site Truth Social, announced by Donald Trump in October, is in progress.
According to foreign media, Trump Media & Technology Group and SPAC Digital World Acquisition, have reached an agreement with a group of investors which has committed to a sum of 1 billion dollars.
According to CNBC, DWAC has said it will provide up to $ 293 million in partnerships with Trump Media & Technology Group, bringing total funding to about $ 1.25 billion.
Neither Trump Media nor Digital World has responded to requests for comment on the identities of investors behind the $ 1 billion increase.
It should be noted that the price of the share of DWAC, which had reached up to $ 175 after the merger of the two companies, was only at $ 44 on Wednesday.
According to Bloomberg, Trump first announced in October the merger plan with the company SPAC, which would help him regain his presence on social media after his expulsion from Twitter and Facebook. The so-called “Truth Social” of the former US President will be launched in the first quarter of 2022.
“$ 1 billion sends a big message to the tech giants. As our balance sheet expands, TMTG will be in a stronger position to resist their tyranny,” Trump said in a statement.
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Source From: Capital
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