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Media Company Raises $1.5B In Hours To Take On Facebook & Twitter

What do you do when Facebook and Twitter are trying to manipulate an election outcome and your message is nobbled? In the best interest of left-wing socialism, you launch your own media Company, which is exactly what former US President Donald Trump has done.

Now the money is flowing in, with investors tipping in more than $1.5 billion dollars just for starters.

Trump Media and Technology Group (TMTG) is set to launch a social media platform to take on the likes of Twitter and Facebook, who have been slammed in Australia for their questionable practises when it comes to manipulating messaging for political and capital gain.

The platform is set to launch early in the new year, after former President Donald Trump said he has lined up $1 billion in funding from a “diverse group” of institutional investors.

The investors have not been named.

The launch comes at a bad time for current President Joe Biden.

Joe Biden started his presidency full of plans – for Covid-19 relief, infrastructure investment and expanding government safety nets.

He has spent the past month and a half getting punched in the mouth, and the launch of a media group who are set to attract tens of millions of eyeballs when they launch could hurt the Democrat President.

Mr Biden’s public approval ratings have tumbled into net-negative territory for the first time, as a chaotic withdrawal from Afghanistan, a spike in inflation and concerns about the spread of the Covid-19 delta variant have undercut perceptions of the Biden administration’s competency, particularly among independent voters.

While some of the President’s plans, such as pandemic relief, have become law, the fate of other portions of his agenda are very much in doubt, with Democratic infighting and near-universal Republican resistance presenting imposing obstacles.

Reports surfaced late last week that Trump’s company was seeking to raise $1.25 billion in a PIPE deal that would value the company at around $3 billion—more than three times the $875 million valuation ascribed to it in the merger with DWAC that was announced in October.

TMTG’s plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corporation, a special purpose acquisition company whose sole purpose is to acquire a private company and take it public.

Trump is listed as chair of TMTG. He will get tens of millions in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.

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