D.he former US President Donald Trump has found support from investors for his planned online network and an associated IPO. These wanted to provide one billion dollars (880 million euros), announced on Saturday the Trump Media & Technology Group (TMTG), founded by Trump, and the partner company Digital World.
Exactly who the investors behind the billion dollar are was not stated in the announcement. The money would be added to the $ 293 million that Digital World had already made in September when it went public in September, the two companies said.
Trump was banned from major online platforms such as Facebook, Twitter and Youtube after storming the Capitol on January 6. The 75-year-old has announced his own platform as an alternative to the “tyranny” of the big technology companies. It is supposed to operate under the name “Truth Social” and be launched at the beginning of next year. Trump is still very popular with the conservative base and is toying with a renewed presidential candidacy in 2024.
Digital World Acquisition Corp is a so-called Special Purpose Acquisition Company (Spac). As a spac, it is, so to speak, an empty shell that is already traded on the stock exchange. The use of such stock exchange vehicles is an increasingly popular way of going to Wall Street in the United States.
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