The latest effort by former President Trump to start his own social media firm will receive a $1 billion infusion of new capital. Trump’s latest venture, the Trump Media & Technology Group, stated on Saturday it has acquired $1 billion worth of additional financing.
This new financing has arrived as part of its efforts to become a publicly listed corporation through the use of a blank check structure.
Donald Trump says his planned Twitter rival TRUTH Social has raised $1BN in investment and vows he'll use it to 'end censorship and political discrimination' https://t.co/H1YduFfZZl
— Benny (@bennyjohnson) December 6, 2021
Taking a Stand Against Big Tech’s Discrimination and Censorship
Donald Trump stated in an announcement that the $1 billion donations send an essential signal to big tech that silencing people and perpetuating political prejudice must be eliminated.
The fact of the matter is that America is prepared for Truth Social, a system that will not discriminate against people based on their political beliefs.
Donald Trump's Social Media Venture Raises $1 Billion, To Roll Out Messaging App 'Truth Social' To Take On The "Tyranny Of Big Tech" https://t.co/axzwQ9aFA8 via @swarajyamag
— Swarajya (@SwarajyaMag) December 5, 2021
Moreover, Truth Social has a better financial position that will enable them to fight back against the oppression of big tech as their cash flow grows.
As reported by TMTG, the firm decided to enter into “subscription contracts” with Digital World Acquisition Corp. This will move its financing to the company upon the completion of its business acquisition. The financial support will come from various groups of investment firms.
The firm DWAC defines itself as a “blank check business.” Blank check businesses are publicly listed, developmental-stage enterprises that have not yet disclosed a formal business plan.
They are a type of startup and intend to raise cash as a start-up, with the hope of combining with another corporate entity later on down the road.
According to Axios, the large-scale investors were not identified in the news statement, which was an unusual move for this type of business deal.
Former President Trump declared the formation of TMTG and the release of its first offering, the Truth Social Network, in October. During this time, Trump stated Truth Social would challenge the oppression of big tech companies.
Certain Bugs and Slight Legal Disputes
Truth Social recently came under criticism from programmers and developers for its use of social media.
Hackers discovered a security flaw in the website’s code within hours of its introduction, allowing them to troll the site and capture screenshots of the Truth Social user interface.
The website in question uses Mastodon, an open-source social media network that is utilized by websites, such as Gab. Everyone can use the software if the licensing is handled correctly.
However, Mastodon developers have threatened legal action against Truth Social for claiming their software as proprietary property of TMTG. The developers warned of legal action in late October if TMTG does not operate in accordance with the company’s license.
As of December, Mastodon has not initiated any legal action against TMTG, and the company has not altered its terms of service in response to Mastodon’s request.
