Former President Donald Trump’s latest attempt at building his own social media company will receive $1 billion in new investments.
Trump’s latest investment, the Trump Media & Technology Group, announced on Saturday that it has secured $1 billion in new investments as it takes steps toward becoming traded through a blank check company.
“$1 billion sends an important message to Big Tech that censorship and political discrimination must end,” said Trump in a press statement. “America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.”
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According to TMTG, the company has entered into “subscription agreements” with Digital World Acquisition Corps, which will transfer its funding to the company upon the “consummation of their business combination” from a “diverse group of institutional investors.”
DWAC describes itself as a “blank check company.” Blank check companies are publicly traded, developmental-stage companies that have not released an established business plan. Instead, they aim to gather funds as a start-up in hopes of merging with a separate business entity.
The press release did not identify the investors, an unusual action for these sorts of transactions, reports Axios.
Trump announced the creation of TMTG and its first product, the Truth Social network, in October, claiming it would “stand up to the tyranny of Big Tech.”
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Truth Social has come under scrutiny from coders and programmers. Within hours of the website’s launch, hackers found a loophole that allowed them to troll the website and get screenshots of the Truth Social interface.
The website relies on Mastodon, an open-source social media platform used by websites like Gab. While anyone can use the software if the licensing is appropriately handled, Truth Social’s decision to claim Mastodon’s software as “proprietary property” of TMTG has led Mastodon’s developers to threaten legal action in late October if TMTG does not operate according to the company’s license.
As of December, no legal action has been taken by Mastodon, and TMTG has not amended its terms of service per Mastodon’s request.
