Former President Donald Trump previously signaled his aspirations to create a rival social media platform after he was kicked off several social media platforms.The Trump Media & Technology Group, which is working to launch a social media app called Truth Social early next year, announced on Saturday it had secured the $1bn from from “a diverse group of institutional investors.” The social media venture is now valued at almost $4bn. The Trump Media & Technology Group has partnered on the project with Digital World Acquisition. Mr Trump announced plans to launch Truth Social earlier this year anticipating it would allow conversation “without discrimination on the basis of political ideology”. “$1bn sends an important message to Big Tech that censorship and political discrimination must end,” he said.
Mr Trump was banned from top social media platforms after the 6 January attack by his supporters on the US Capitol. He had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked. Truth Social is scheduled for a full rollout in the first quarter of 2022. It will be followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts. The company will even competing against Amazon.com’s AWS cloud service and Google Cloud.