Trump raises $ 1 billion from institutional investors for his social network

The company responsible for creating a future social network for former US President Donald Trump and the company he will merge with him to list in stock exchanges announced Saturday that a group of investment institutions pledged to contribute one billion dollars to the project.

This amount is on top of the $ 293 million raised by Digital World Acquisition Corp when it went public in stock exchange on Wall Street in September, according to a statement.

The statement added that after deducting transaction fees, the Trump Group for Media and Technology will raise $ 1.25 billion to fund the launch of the social network of the former president.

The two companies did not mention the identity of the investment institutions that pledged the funds.

Trump announced in late October that the company he would build his future social network would have merged with Digital World Acquisition Corp., an acquisitions company, or “plumber” in English.

This modern financial instrument is like a check in white man “who collects money in stock exchange pledging to merge in the following months with a promising company, thus allowing a questlast to enter Wall Street without following the traditional route.

The former president had introduced the futuristic platform, Truth Social, as an alternative to the Facebook, Twitter and YouTube platforms that banned his accounts to incite violence against his supporters before the January 6 attack on Capitol Hill.

The app is currently available for pre-order on the Apple Store and is expected to launch in the first quarter of 2022.

Driven by interest from retail investors, SPARK’s share price rose after announcing its merger with Trump, from around $ 10 to $ 175 at its peak. in two days.

But the price fell and closed at $ 45 on Friday, giving the company a $ 1.67 billion valuation.

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