Trump Social Network "Truth Social" Raises 1Billion

This investment news comes as Mr. Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January.

"$1bn sends an important message to Big Tech that censorship and political discrimination must end," he said.

"As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech."

Originally, a limited launch was planned on Apple's App Store in November 2021, and a full public launch in 2022.

The Trump Media & Technology Group has partnered on the project with Digital World Acquisition, a so-called special purpose acquisition company (Spac) or "blank cheque company".

Spac, which became a major story in the US stock market at the start of this year, are shell companies that are set up with the sole purpose of merging with a private firm to take it public. However, they have lost much of their luster after some of the companies that merged with them failed to deliver on their ambitious financial projections.

Mr. Trump was banned from top social media platforms after the 6 January attack by his supporters on the US Capitol in Washington DC amid concerns the then-president would inspire further violence. It came after Mr. Trump made claims, without evidence, of widespread fraud in last year's presidential election.

Many Wall Street firms snubbed the opportunity to invest in the former president's new venture, according to Reuters. But some hedge funds, family investment firms and high net-worth individuals have backed it.

The Trump Media and Technology Group hasn’t done much yet. Investors still seem to think it’s worth about four times as much as everything else Donald Trump owns.

Truth Social VS Tech Giants

With TRUTH Social, the former President wants to "stand up to the tyranny of the tech giants", who have "used their unilateral power to silence dissenting voices in America", he said in a statement.

"We live in a world where the Taliban has a huge presence on Twitter while your favourite American president has been silenced. This is unacceptable," Donald Trump continued.

Pre-orders are possible on the Apple Store

The service is scheduled to launch at the end of February 2022, but pre-orders in the App Store are already possible. A test phase started in November. 

In addition, the app store advertises materials showing alleged profiles of well-known institutions, including, for example, the New York Times, on the Truth Social network. Permissions for the use of such advertising materials do not appear to be available.

Mili Ponce

Former Computer Engineer, Tech, EdTech and eCommerce Entrepreneur, Keynote Speaker on Digital Marketing and Entrepreneurship, Social Media Strategist, eCommerce Business Mentor, Trainer, Writer, Blogger, Mother, Daughter, Dreamer.

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