Donald Trump’s new social media venture announced Saturday it has won a commitment for $1 billion from an unidentified “diverse group of institutional investors” — even though his operation missed a partial launch deadline last month.
Trump’s Truth Social media venture was supposed to launch an invitation-only beta test version of the social media site last week, but it didn’t happen. It still only exists as a largely promotional website (with a waiting list) six weeks after Trump announced the venture.
CNBC called the deadline the first “test” of whether Trump could deliver what he promised.
The share price of Digital World Acquisition Corp. (DWAC) — the SPAC company that plans to merge with the former president’s Trump Media & Technology Group Corp. (TMTG) — has dropped dramatically since skyrocketing after the former president first announced the project.