Former US President Donald Trump announced in late October that he would be launching his own media network, which will include a social media platform called “TRUTH Social,” to “stand up to the tyranny of Big Tech.” The idea being that it is a censorship free version of Twitter.
The app is supposed to be the first project of the Trump Media and Technology Group (TMTG), which will be listed on Nasdaq through a merger with a SPAC called Digital World Acquisition Group (or DWAC).
Investors are pledging more than $1.25 billion to TRUTH Social, according to a press release. The funding will function as “PIPE” investments, or private investments in public equity.
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