Former US president Donald Trump's social media company gets agreements for $1 billion in capital

Former US president Donald Trump seems to be inching closer to make his new social media platform 'Truth Social’, a reality.  

In the latest development, Trump's new social media company and its special purpose acquisition company partner said the partner has agreements for $1 billion in capital from institutional investors.  

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In October, Trump launched new company, Trump Media & Technology Group. The former president looks to come up with a new messaging app called 'Truth Social’ to rival Twitter and the other social media platforms that banned him after Capitol riots.   

According to the plan, the Trump Media & Technology Group wants to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp, which is a special purpose acquisition company whose purpose is to acquire a private company and make it public.  

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In the press release issued on Saturday, Trump Media and Digital World did not identify the institutional investors. After the two companies are combined, the money would come from 'a diverse group' of investors, it said.  

In the release, Digital World CEO Patrick Orlando, said, "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."   

(With inputs from agencies)