Donald Trump's new social media firm announced on Saturday, December 4, that it has entered into agreements to raise $1 billion from investors.
Launched by the former president in October, The Trump Media & Technology Group has plans for a social media app to rival Twitter called Truth Social.
Both Twitter and Facebook banned Trump from their platforms following the riots in Washington DC last January. Trump's false claims that he lost the presidency to Joe Biden due to electoral fraud were disseminated across social media and stoked the deadly attack on Congress.
Per BBC, he has since called out big tech companies, claiming that his ban is a form of political discrimination.
"As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech," he said per Reuters.
"$1 billion sends an important message to Big Tech that censorship and political discrimination must end," he added.
The Trump Media & Technology Group has partnered with Digital World Acquisition - a special purpose acquisition company - on the project. They announced on Saturday that the $1 billion has been secured from a "diverse group of institutional investors" whose identities were not revealed.
Many Wall Street firms turned down the opportunity to invest in Trump's new venture, which according to reports is now valued at almost $4 billion.
A presentation on the former president's company website claims he had 89 million followers on Twitter, 33 million on Facebook, and 24.5 million on Instagram when he was blocked.
The announcement comes amid renewed speculation over whether Trump will run for president in 2024. In a sit-down interview with GB News, Trump dropped hints that he might be considering a White House run at the next election.
When asked by UK politician Nigel Farage whether he would re-enter politics, the former president responded: "If you love the country, you have no choice."
"It's not a question ... this is a wonderful, beautiful life—but I like that too because I was helping people. That's why I did it," he added.
Trump went on to cite his approval rating among Republicans, saying "I think if I run, I'll get it."
