Trump media partner says it has lined up $1B in capital
ABC News
Donald Trump’s new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion in capital from institutional investors
PALM BEACH, Florida -- Donald Trump’s new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion 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 the other social media platforms that banned him following the Jan. 6 insurrection at the U.S. Capitol.
TMTG’s plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire a private company and take it public.
The institutional investors were not identified in a press release issued Saturday by Trump Media and Digital World. The money would come from “a diverse group" of investors after the two companies are combined, it said.
