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Trump's anti-Big Tech social media startup raises $1 billion from investors


Valin
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The Post Millennial

"$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology," Trump stated.

Mia Cathell

December 4, 2021

Trump Media & Technology Group Corp. (TMTG), former President Donald Trump's social media group, and Digital World Acquisition Corp. (DWAC) announced Saturday they've received a commitment of $1 billion "PIPE" investment in committed capital from an unidentified "diverse group of institutional investors" to fund the digital media venture.

The transaction will provide estimated proceeds of approximately $1.25 billion, after deducting estimated deal expenses, to be used to fund operations.

TRUTH Social, which is TMTG's forthcoming social media platform, will provide an outlet that "encourages open global conversation without discrimination on the basis of political ideology." In addition, TMTG+, the company's subscription-based video streaming service, is expected to include access to "non-woke" entertainment, news, documentaries, podcasts and more.

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Forbes

Trump Media Company Says It Has Raised $1 Billion

Lisa Kim Forbes Staff

Dec. 4 2021

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Key Facts

Trump Media and Technology Group (TMTG), which aims to launch a social media platform, did not share the names of the investors in the private investment in public equity transaction, or PIPE, which is unusual.

Reports surfaced earlier this week that Trump’s company was seeking to raise $1 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. 

In October, TMTG said it would launch a beta version of its social media platform in November, a goal which it appears to have missed, and roll out a complete version next year.

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BREAKING: Trump's new media platform and Rumble have distribution deal

Howard Lutnick, the CEO of Rumble's parent company Cantor Fitzgerald, stated on Monday that they have worked out a distribution deal with Donald Trump's planned "Truth" social media platform.

James Anthony

December 6, 2021

Howard Lutnick, the CEO of Rumble's parent company Cantor Fitzgerald, stated on Monday that they have worked out a distribution deal with former President Donald Trump's planned "TRUTH" social media platform.

"Truth and the 45th president are going to use Rumble's infrastructure, their technology, their cloud distribution capability, so they are going to be a service provider, a tech provider to the president's Truth Social," Lutnick told interviewer John Bachman on his "John Bachman Now" show.

Rumble, a video-based, pro-free speech platform, works in a similar manner to other streaming services like YouTube, but promotes neutrality, refusing to censor its users like other Big Tech companies have been doing.

In direct competition with YouTube, Rumble has grown quickly, reaching a 15 percent market share among US users over the past year, according to Newsmax.

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2 hours ago, Valin said:

Howard Lutnick, the CEO of Rumble's parent company Cantor Fitzgerald

I had no idea that Rumble was associated with Cantor Fitzgerald. I remember the name from 9/11. I believe their company lost the most people in one of the towers.

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