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Trump collects billions of investors for the Internet

Trump collects billions of investors for the Internet

Former US President Donald Trump (2017-21) found support from financially strong investors for his planned online network and associated initial public offering. Those wanted to save one billion dollars (880 million euros), announced on Saturday the Trump Media and Technology Group (TMTG), which Trump founded, and partner Digital World. Major online services have banned Trump for violating the rules.

The announcement did not say exactly who the investors behind the billion dollars were. The two companies said the money will add to the $293 million that Digital World already made in September when it went public in September.

Lock on social networks

Major internet platforms such as Facebook, Twitter and Youtube banned Trump after the storming of the Capitol on January 6 by extremist supporters at the instigation of the then president. Five people were killed at that time because Trump refused to accept his election. The 75-year-old has announced his own platform as an alternative to the “tyranny” of big tech companies. It will operate under the name “Truth Social” and will be launched early next year. Despite Trump’s vote out of office after one term, Trump remains popular with the conservative base and manipulates a renewed presidential nomination in 2024.

Digital World Acquisition Corp. is a so-called Special Purpose Acquisition Corporation (SPAC). As SPAC, it is, so to speak, an empty shell that is actually traded on the exchange. Using such tools on the stock exchange is an increasingly popular way to go to Wall Street in the United States.