Donald Trump’s new social media company and its special purpose acquisition company Partner say the partner has a $1 billion agreement in capital from institutional investors.
The former president launched his new company, Trump Media & Technology Group, in October. He unveiled plans for a new messaging app called “Truth Social” to rival Twitter and other social media platforms that banned him following the January 6 uprising in the US Capitol.
TMTG plans to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corporation (DWAC).
A special purpose acquisition company whose sole purpose is to acquire a private company and take it public.
Institutional investors were not identified in a press release issued Saturday by Trump Media and Digital World. The money would come from a “diversified group” of investors once the two companies were combined.
Digital World said in the release that the $1 billion is up from the $293 million (minus expenses) it can invest.
Patrick Orlando, CEO of Digital World, said, “I am confident that TMTG can effectively deploy this capital to accelerate and strengthen its business execution, including attracting top talent, hiring top technology providers, and more. and launch significant advertising and business development campaigns.” said in the release.
Trump is listed as the chairman of TMTG. If the combined company does well, it will receive tens of millions in special bonus shares, handing the former president possibly billions of dollars in paper assets.