Trump’s TRUTH Social has strong financial backing

Trump Social
Source: rump Media & Technology Group (TMTG)

Donald Trump’s new social media venture TRUTH Social announced Saturday it had agreements to raise around $1 billion. A group of unidentified investors continues raising capital to launch the social media platform. Despite the ups-and-downs, so far, the venture has strong financial backing.

The venture began with Digital World Acquisition Corp, the blank-check acquisition firm. And they took Trump Media & Technology Group Corp public. 

The October deal with Trump Media and DWAC went public in October with a valuation of $875 million. The social media venture is now valued at almost $4 billion based on a $44.97price share at the end of trading Friday. 

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Day traders and Trump supporters continue to buy heavily. The stock price is staying steady for the new social media platform.

Reuters reported that the former U.S. president is attracting strong financial backing. And his personal brand is enhanced by his political brand. In the meantime, TRUTH Social is several weeks away from the much anticipated “soft launch.”