Trump social media firm raises $1bn from investors

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Donald Trump's new social media venture says it has raised $1 billion from investors.

The Trump Media & Technology Group is working on a social media app.

The attack on the US Capitol in January resulted in Mr Trump being banned from social media.

He said that $1 billion sent a message to Big Tech that political discrimination must end.

"As our balance sheet expands, we will be in a better position to fight back against Big Tech."

Mr Trump said that Truth Social would allow conversation without discrimination on the basis of political ideology.

Digital World Acquisition is a blank check acquisition firm.

They said on Saturday that they had raised $1 billion from a diverse group of institutional investors. The social media venture is now worth $4 billion.

Despite the controversy surrounding his time in charge, the former US president is able to attract strong financial backing.

The image is from the same source.

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The US Capitol was occupied by protesters in January.

After the attack on the US Capitol in Washington DC, Mr. Trump was banned from top social media platforms.

It came after Mr Trump made claims of widespread fraud in the election.

The former president's new venture was snubbed by many Wall Street firms. Hedge funds, family investment firms and high net-worth individuals have supported it.

At the time he was blocked, Mr Trump had over 100 million followers on his social media accounts.

He has said that he might seek the presidency again in 2024.

Digital World Acquisition's partnership with Trump Media & Technology Group has attracted scrutiny.

The Securities and Exchange Commission was asked to investigate the planned merger by Senator Elizabeth Warren.

The SEC has not commented on whether it will take action.

Truth Social will be available in the first quarter of 2022. The first stage of the Trump Media plan is the subscription video-on-demand service called TMTG+, which will feature entertainment, news and podcasts.

In a slide deck on its website, the company envisions eventually competing against Amazon.