On Saturday, Trump's latest investment, the Trump Media & Technology Group, declared that it has achieved $1 billion in new investments as it makes efforts toward becoming traded through a blank check company.
"$1 billion sends an important message to Big Tech that censorship and political discrimination must end," Trump announced in a press statement. "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."
"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," Digital World CEO and Chairman Patrick Orlando said in a statement.
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According to TMTG, the company has entered into "subscription agreements" with Digital World Acquisition Corps, which will move its funding to the company upon the "consummation of their business combination" from a "diverse group of institutional investors."
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DWAC calls itself a "blank check company." Blank check companies are publicly traded, developmental-stage companies that have not issued an established business plan. Rather, they try to get funds as a start-up in hopes of merging with a different business entity.
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According to Axios, the press release did not name the investors, a rather weird action for these sorts of transactions.
Trump declared the creation of TMTG and its first product, the Truth Social network, in October, insisting it would "stand up to the tyranny of Big Tech."
Truth Social has come under scrutiny from coders and programmers. Within hours of the website's launch, hackers discovered a loophole that enabled them to troll the website and get screenshots of the Truth Social interface.
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The website relies on Mastodon, an open-source social media platform used by websites like Gab. While anyone can use the software if the licensing is properly handled, Truth Social's choice to claim Mastodon's software as "proprietary property" of TMTG has led Mastodon's developers to threaten legal action in late October if TMTG does not run according to the company's license.
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As of December, no legal action has been taken by Mastodon, and TMTG has not amended its terms of service per Mastodon's request.
TMTG is also expecting to debut a subscription-based video streaming service called TMTG+, which will feature "non-woke" news, entertainment, podcasts, and other content.
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