Former US President Donald Trump has raised $1 billion from institutional investors to set up his social medium. However, after the storming of the Capitol in January by Trump supporters, he was banned from Facebook, Twitter and YouTube.
“The $1 billion figure sends an important message to big tech companies to end censorship and political discrimination,” the former president said. It is not known who is behind the financing.
The Trump Media & Technology Group would like to launch its social media app Truth Social early next year. The company is also planning an IPO and is partnering with Digital World Acquisition.
This is a so-called Special Purpose Acquisition Company, an empty shell placed on the stock exchange to merge with other companies afterwards, thus bringing them to the stock exchange.
Democrat Senator Elizabeth Warren has already asked the SEC to investigate the partnership for possible violations of stock market regulations. However, the SEC has not yet responded.
Trump had more than 89 million followers on Twitter and 33 million on Facebook when he was blocked.