United States

Trump's company raises $ 1 bn in social media investment

10:42, 05 December 2021
Trump's company raises $ 1 bn in social media investment

Trump Media & Technology Group, which is chaired by former US President Donald Trump has raised $1 billion investment for its social network, Axios reported.

The cost of the one startup share was about $ 34.36 as the project investors remained unknown. 

Earlier, Trump's company announced that the Truth Social social network will start working in early November for a limited number of users. The full version, which is supposed to have access to the entire country, is expected to start operating next year.

Trump has been in talks with several different platforms throughout the year to find new platforms. He had already opened his own online project, and his former employees launched the GETTR social network on July 1.

After the storming of the US Capitol on January 6, 2021, many social networks, including Twitter and Facebook, blocked Trump's accounts. The former president's Twitter account had 89 million followers.

Trump said that Twitter blocked his account bowing to pressure from Trumps’ rivals in Congress. The ex-President applied for a preliminary injunction against Twitter and also slammed the social network for unfounded censorship marking his tweets with a “misleading information” banner.