Donald Trump’s social media firm TRUTH Social raises $1 billion

Ahead of a planned stock market listing, former US President Donald Trump's new social media venture TRUTH Social recently said it has entered into agreements to raise $1 billion from investors. TRUTH Social, which is expected to be launched in early 2022, was conceptualized by Trump after the former US President's social media accounts in Twitter, Facebook and Instagram were banned following January 6, 2021, US Capitol siege.

Donald Trump said that raising $1 billion sends an essential message to Big Tech that censorship and political discrimination must end. The former US President further added that Trump Media and Technology Group would be in a stronger position to tackle the tyranny of Big Tech as the firm's balance sheet expands.

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On Saturday (December 4), TRUTH Social announced that a diverse group of institutional investors had helped the firm secure $1 billion. However, the firm did not reveal the names of the investors. Reports suggest that TRUTH Social is now valued at almost $4 billion. Trump, who had announced the launch of TRUTH Social earlier this year, had said that the social media platform will allow conversations 'without discrimination based on political ideology.' 

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It is worth noting that Donald Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the social media ban. The ban came into effect after Trump's supporters stormed the US Capitol in Washington DC earlier this year amid concerns that the then-president would incite further violence.