Donald Trump's new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion in capital from 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 rival Twitter and the other social media platforms that banned him following the January 6 insurrection at the US Capitol.
TMTG's plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp, a special purpose acquisition company whose sole purpose is to acquire a private company and take it public.
The institutional investors were not identified in a press release issued on Saturday by Trump Media and Digital World. The money would come from "a diverse group" of investors after the two companies are combined, it said.
Digital World said in the release that the $1 billion is above the $434 million (minus expenses) that it may invest.
