Donald Trump's digital media platform and its partner have entered into subscription agreements to raise an estimated $1 billion from investors.
The two companies reached a deal to fund Trump's new social media website, TRUTH Social. The site and app were once described as a conservative media universe with non-woke content.
According to a press release, the deal will provide an estimated $1.25 billion to TRUTH Social. Private investments in public equity will function as "PIPE" investments, even though the identity of the investors is not known.
Trump said in a statement on Saturday that the investment will put his company in a stronger position to fight back against Big Tech.
Trump said that $1 billion sent an important message to Big Tech that political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology.
The site and app are expected to launch in early 2022, after an invite-only trial in November. CNBC reported on Wednesday that TRUTH Social may have missed its November deadline as the company has yet to make an official announcement of a alpha roll out.
The pitch deck for TRUTH Social stated that it was intended to create a media powerhouse to rival the liberal media consortium and fight back against the "Big Tech" companies of Silicon Valley who have used their power to silence opposing voices in America.
The former president was banned from several major social media sites for policy violations earlier this year.
