Trump’s media partner says he has put up $ 1 billion in capital | national news

PALM BEACH, Fla. (AP) – Donald Trump’s new social media company and his special-purpose acquisition company partner say the partner has made deals for $ 1 billion in capital with 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 compete with Twitter and other social media platforms that banned it following the Jan.6 uprising on the United States Capitol.

TMTG’s plan is to become a publicly traded company through a merger with Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire and bring in a private company. in stock exchange.

Institutional investors were not identified in a statement released on Saturday by Trump Media and Digital World. The money would come from “a diverse group” of investors after the two companies merge, he said.

Digital World said in the statement that the $ 1 billion was more than the $ 293 million (minus expenses) it could invest.

“I have no doubts that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including continuing to attract the best talent, hire the best technology providers, and deploy significant advertising and development campaigns. commercial, ”said Patrick Orlando, CEO of Digital World. said in the press release.

Trump is listed as chairman of TMTG. He will get tens of millions of free shares if the merged company performs well, handing the former president perhaps billions of dollars in paper wealth.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Source link

Comments are closed.