Donald Trump’s media company said it has secured US$1bn of funding to develop its ‘TRUTH Social’ social media network.
The funding has been committed by an unidentified “diverse group of institutional investors” to be made available when Trump Media & Technology Group Corp (TMTG) completes its merger with a special purpose acquisition company (SPAC) called Digital World Acquisition Corp.
Former President Trump said in October that the launch of the TRUTH Social app is “to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley”, with a full launch expected in the first quarter of 2022.
A promising beta-launch in November was not delivered however, though a test version of the site has been released, showing that the company is using the framework of the Mastodon open-source social network.
TMTG is also planning to launch a subscription video service, that will feature entertainment, news and podcasts.
Digital World boss Patrick Orlando said in a statement: "I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns.”
Trump, who is chairman of TMTG, said: "America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.”