Donald Trump’s new social media venture and its special acquisition company said on Saturday it has entered into agreements to raise $1 billion in capital from a group of institutional inv​estors.

The capital raise, details of which were first reported by Reuters on Wednesday, made claim of the former U.S. president’s ability to attract strong financial backing thanks to his personal and political brand he is working to launch.

The former president launched his new company, Trump Media & Technology Group (TMTG) in October. he unveiled plans for a new messaging app called “Truth Social to rival Twitter and the other social media platforms that banned him following the January 6 insurrection at the U.S. Capitol.

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.

The institutional investors were not identified in a press release issued Saturday by TMTG and Digital World. The money would come from a “diverse group” of investors after the two companies are combined, it said.

Digital World also said in the release that the $1 billion is above the $293 million, less expenses, that it may invest.
Digital World CEO Patrick Orlando said in the release, “I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns.”

TMTG is also expecting to debut a subscription-based video streaming service called TMTG+, which will feature “non-woke” news, entertainment, podcasts and other content.

Donald Trump is listed as Chairman of TMTG and he will receive tens of millions of dollars in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.

Trump also said in a statement, “$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. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.

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