Trump’s media group has received a billion dollar investment. The ex-president is going to launch his “anti-face” at the beginning of the new year
Former US President Donald Trump’s media group said it received a billion dollars in investment from SPAC Digital World Acquisition. These funds will be used to launch a new social network, which will start operating in the first quarter of 2022. This was reported on Sunday, December 5, by the Bloomberg news agency.
SPACs are firms that are created to merge with private corporations to go public. Trump first announced his intention to merge with SPAC to maintain his social media presence in October. The ex-president made this decision after his accounts were blocked on Facebook and Twitter. The new media platform will be called Truth Social.
The issue of shares of the combined company will allow it to raise $ 1.25 billion to finance its activities. The new company will be named TMTG – Trump Media & Technology Group Corp.
“This billion will also serve as a signal to big tech companies,” Trump said, and reiterated his accusations of political censorship and discrimination. “As our company grows stronger, so will its position against the tyranny of tech giants.”
Bloomberg columnist Matt Levin noted last week that Trump’s company has not updated information on its financial position, operations and future plans, and that the deal with Digital World Acquisition has not yet been completed and the relevant documents have not been submitted. At the same time, Levin believes that “Trump will get his money” and that “private investors and political supporters of Trump will pay $ 44 for the right to transfer him $ 10.”
Meanwhile, there are investors who are already making money on the proposed deal. For example, hedge fund manager Bruce Callins is enjoying the best month of his career in 3 decades: the capital of his fund Yakira Partners grew by 12% in October, which exceeded the performance of similar funds. The reason for this was the ownership of shares in the Digital World Acquisition. The fund’s profits were double that of the other two on this month’s top list.
Trump, who claims he intends to run for the presidency in 2024, has been blocked on major social media accounts after posts approving the Capitol Hill riots following congressional approval of Biden’s election.
