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PALM BEACH, Florida (AP) — Donald Trump’s new social media company and special purpose buyout partner said the partner was a $1 billion equity deal from institutional investors.
The former president founded his new company, Trump Media & Technology Group, in October. It has announced plans for a new messaging app called “Truth Social” that will rival Twitter and other social media platforms that banned it after the January 6 riot at the US Capitol.
TMTG’s plan is to acquire the publicly traded Digital World Acquisition Corp., a special-purpose buyout company whose sole purpose is to acquire and go public. to become a publicly traded company through merger with
The identity of the institutional investors was not disclosed in a press release released on Saturday. Trump Media and the Digital World. The money will come from “a diverse group of investors” after the two companies are merged.
Digital World said in the publication that $1 billion is over $293 million (minus expenses) it can invest.
Patrick Orlando, CEO of Digital World, said, “TMTG is actively using this capital to accelerate and strengthen the conduct of its business, including continuing to attract top talent, hiring top technology providers, and launching significant advertising and business development campaigns. I’m sure you can deliver.” said in the statement.
embers He is listed as the head of TMTG. If the combined company performs well, handing over possibly billions of dollars of paper wealth to the former president, it will receive tens of millions of special bonus shares.
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