Trump’s social media venture raises $1bn in funding round led by wealthy family funds



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Trump’s social media venture raises $1bn in funding round led by wealthy family funds

On Saturday, former US President and a net-bulging Republican Donald Trump’s new social media venture had issued a statement saying that the newly formed entity had cut an accord to raise a stark upsum of $1 billion from a perspicacious bunch of anonymous family investment funds, which are often managed by the wealthiest in the US along with their successors, as Trump’s social media venture looks to a potential US public market floatation.

More importantly, with the US President Joe Biden’s popularity having been quashed rapidly to a slanderous 28.0 per cent compared to a 64.0 per cent in mid-2021, latest fundraising campaign in Donald Trump’s social media venture had elegantly embossed the former President's influence over the country’s wealthiest proportion as US mid-term election has been lurking over the horizon.

If truth is to be spoken, a large chuck of American mass media had reportedly been vying to vent out a way to uplift the president Biden’s public image despite a raft of rancorous issues, a latest of them had been related to FBI’s involvement in an alleged theft of Biden-daughter Ashley Biden’s diary, while it would have been tempting to feast eyes on how American media would have reacted, had Trump involved the Federal Bureau of Investigation over a missing diary of Ivanka Trump despite her active participation in Trump’s political and business empire.

Donald Trump’s new social media venture raises $1 billion

While Trump, an unforgettable hero of the Republican’s who tried to inject a sense of nationalism into Americans amid an economic backdrop where most US citizens were struggling to make their ends meet, has been working out a plan to roll out a social media app, named as ‘TRUTH Social,’ after having been banned from Twitter Inc and Facebook Inc’s Meta Platform, the ex-President’s media and technology entity is expected to be taken public through a merger with an SPAC, Digital World Acquisition Corp.

Besides, the SPAC merger deal would fetch a lump-sum of $293 million for Trump’s Media & Technology Group Corp, as Trump media had rubberstamped an $875 million SPAC merger deal in October with the blank-check entity.

Nevertheless, Trump’s social media entity has already been valued over $4 billion contemplating Digital World shares’ closing prices on Friday.