Donald Trump’s new technology company has raised 1 billion from investors, according to a former president’s press release and a CNBC report. There is no way to independently verify, however, whether Trump, a man known for lying about literally everything, has actually been able to secure such a huge sum in a relatively short period of time.
“The $ 1 billion sends an important message to Big Tech that censorship and political discrimination must end,” Trump said in a statement. Press release.
“America is ready for a true society, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight the tyranny of Big Tech, ”Trump continued.
Trump first announced his return October He started a company called Trump Media and Technology Group (TMTG), which plans to launch a social media platform called Truth Social in the first quarter of 2022. TMTG also plans to reach out to the public through a special purpose acquisition agency or SPAC
The SPAC agreement would allow TMTG to merge with a shell company called Digital World Acquisition Corporation, which exists to protect Trump’s technology company from the general type of financial disclosure required for a traditional IPO.
Following the announcement of Truth Social, Trump promised to launch a beta version of the social media platform by November. But if you look at the calendar, you’ll notice it’s December 6th. And there is no evidence that a beta version of the website has yet to be launched.
Wall Street has largely moved away from Trump, according to the report CNBC, But it is entirely possible that the former president raised money through wealthy individuals. There is no shortage of fascists among the super-rich, obviously.
Reuters reported earlier this week that Trump’s new company was “trying to raise money by selling shares in hedge funds and family offices several times of the valuation indicated in an agreement with a blank-check acquisition firm in October,” citing two individuals. “Familiar with the subject.”
But Reuters notes that Trump’s Democratic enemies could rush him to coal if he makes a recent statement in Washington. No hints:
Some hedge funds that support the launch of Digital World, including Saba Capital Management and Lighthouse Investment Partners, have said they sold their shares to keep themselves out of the Trump deal.
The deal also faces regulatory risks. U.S. Senator Elizabeth Warren last month asked Gary Gensler, chairman of the Securities and Exchange Commission, to investigate consolidation planned for possible breaches of securities law in the run-up to the release. The SEC declined to comment on whether it was planning any action.
Trump lied about countless things as president, but he lied even more in his personal life as a businessman who constantly changed numbers to show himself rich. In fact, perhaps no single American lost more money than Trump did in the 1980s and ’90s, New York Times. It was all a shell game and there is absolutely no reason to believe that Trump’s latest initiative would exist on a more stable financial basis.
As Spy Magazine has mentioned In 1991“A mobster who knew Trump socially once said of him, ‘He will lie about any time of the day – just for practice.’ A beautiful penny