Donald Trump's dream of having his own social media platform is about to come true. Truth Social, which will be Twitter's competitor, has just pocketed more than USD 1 billion in funding.
Truth Social is managed by a company called Trump Media & Technology Corp (TMGT). They then collaborated with the Digital World Acquisition Corp (DWAC) to attract investors who wanted to fund Truth Social.
As reported by Business Insider, Tuesday (12/7/2021) investors said they agreed to pour money to build Truth Social amounting to USD 1.25 billion.
The identity of this Social Truth investor has not been announced. But what is certain is that this funding uses the PIPE scheme or private investment in public equity.
Trump said in a statement that the investment would put his company in a strong position to fight tech tyranny.
"$1 billion sends an important message to tech giants that political censorship and discrimination must end," Trump said.
"America is ready for the arrival of Truth Social, a platform that will not discriminate on the basis of political ideology," he continued.
TMGT said in October that the Truth Social website and app would be expected to launch in early 2022, following user trials.
Trump is a figure who is very diligent in playing social media, whose favorite platform is Twitter. He is fairly active on the microblogging site.
But his passion had to stop suddenly after being blocked by Facebook, Twitter, and YouTube. The case is that Trump openly supported the riots that occurred at the Capitol Building in January.