Former US President Donald Trump’s Trump Media & Technology Group has raised nearly $1 billion to build its social network, Axios reports.
According to the portal, the cost of one startup share was about $34. Investor details are currently unknown. The deal was conducted in a mergers and acquisitions (SPAC) format. The main announced product is the TRUTH Social social network.
“$1 billion lets BigTech know to end censorship and political discrimination. As our balance sheet expands, TMTG will be even more capable of fighting the tyranny of large tech corporations”, said Trump.
The former head of the White House announced plans to create a social network in January this year, after his accounts on major social networks were blocked due to suspicions of calling on his supporters to storm the Capitol. In November, Trump’s company announced the TRUTH Social network, which “welcomes open, free and honest global dialogue without discrimination against political ideology.”