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Donald Trump’s New Social Media Firm Raises $1bn

by : Shola Lee on : 05 Dec 2021 16:37
Donald Trump's New Social Media Firm Raises $1bnAlamy

Donald Trump has reportedly raised $1bn for his new social media venture.

Trump has been working to launch his own social media app, which he’s named Truth Social, under the Trump Media & Technology Group, and it is expected to go live early next year.

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The news comes after Trump was banned from most major social media platforms following the January 6 attacks on the US Capitol.

Twitter made the decision to ban Trump for life, sharing the news from the Twitter Safety account.

The Tweet read:

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After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence.

Trump is also indefinitely banned from Facebook and Instagram.

Now, ‘a diverse group of institutional investors’ have reportedly raised money for Trump’s new platform, BBC News reports.

Speaking about the funds raised, Trump said:

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$1bn sends an important message to Big Tech that censorship and political discrimination must end.

Donald Trump (Alamy)Alamy
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The project was announced earlier this year, with the aim of allowing discourse ‘without discrimination on the basis of political ideology’.

Trump added:

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As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech.

The social media firm is reportedly valued at nearly $4bn, and is expected to make a stock market listing soon.

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Shola Lee

Shola Lee began her journalism career while studying for her undergraduate degree at Queen Mary, University of London and Columbia University in New York. She has written for the Columbia Spectator, QM Global Bloggers, CUB Magazine, UniDays, and Warner Brothers' Wizarding World Digital. Recently, Shola took part in the 2021 BAFTA Crew and BBC New Creatives programme before becoming a journalist at UNILAD, where she works on breaking news, trending stories, and features.

Topics: News, Donald Trump, Investment, Social Media, Twitter

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BBC and 1 other