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Trump’s media partners say they have capitalized at $ 1 billion

Partners of Donald Trump’s new social media company and its special purpose acquisition company say they have a $ 1 billion capital deal with institutional investors.

The former president launched a new company, Trump Media & Technology Group, in October.He announced to his rivals plans for a new messaging app called “Truth Social” twitter And other social media platforms that banned him following the riots at the US Capitol on January 6.

TMTG’s plan is to become a listed company by merging with a listed company. world A special purpose acquisition company is a special purpose acquisition company whose sole purpose is to acquire and publish a private company.

Institutional investors were not identified in a press release issued by Trump Media and Digital World on Saturday. After the two companies are merged, they will be able to get funding from a “diversified group” of investors.

In its release, Digital World said that $ 1 billion is more than the $ 293 million (after deducting expenses) it could invest.

“We are confident that TMTG can effectively use this capital to continue to attract top talent, hire top technology providers, launch key advertising and business development campaigns, and accelerate and enhance business execution. “I’m doing it,” said Patrick Orlando, CEO of Digital World.

Trump is listed as the chair of TMTG. If the company’s performance after the merger is good, he will get tens of millions of special bonus shares and hand over billions of dollars of paper wealth to the former president.

Trump’s media partners say they have capitalized at $ 1 billion

Source link Trump’s media partners say they have capitalized at $ 1 billion

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