JAKARTA - The social media company owned by former United States President Donald Trump has just bagged a $1 billion deal from investors.
"The $1 billion figure will be raised through private investment in public stock transactions from a group of institutional investors", said Trump Media & Technology Group Corp and Digital World Acquisition Corp, quoted from Reuters, Sunday, December 5.
The acquisition company Digital World Acquisition Corp will list Trump Media & Technology Group on the New York stock exchange. They will provide up to $293 million for the partnership with Trump's venture, bringing the total funding to about $1.25 billion.
Investors on Wall Street have reportedly been reluctant to get in touch with Trump, who has been blocked from social media since the January 6 attack on the Capitol. Trump, in an official statement, said he would fight the tech giant, dubbed "Big Tech".
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"As our funding expands, the Trump Media & Technology Group will be in a stronger position to fight the tyranny of Big Tech", Trump said.
Mainstream social media blocked Trump from their platforms for fear it could trigger more violence. The riots at the Capitol on January 6 stemmed from claims by Trump, then US President, that the election results were rigged.
Trump, according to his company profile, before being blocked had 89 million followers on Twitter, 33 million on Facebook, and 24.5 million on Instagram.
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