Donald Trump’s new social media venture announced on Saturday that it has won a $ 1 billion commitment from an unidentified “diverse group of institutional investors” – even though his operation missed a partial launch deadline last month.
Trump’s “Truth Social” media initiative was supposed to launch a “beta” test version of the social media website last week, but it did not happen. It still exists only as a largely advertising site (with a waiting list) six weeks after Trump announced the commitment.
CNBC called the deadline the first “test”[ads1]; of whether Trump could deliver what he promised.
Stock Price of Digital World Acquisition Corp. (DWAC) – The SPAC company that plans to merge with former President Trump Media & Technology Group Corp. (TMTG) – has dropped dramatically since it took off after the former president first announced the project.
But Trump was wrong in a statement on Saturday that $ 1 billion sends an “important message to Big Tech that censorship and political discrimination must end … As our balance expands, TMTG will be in a stronger position to fight back against Big’s tyranny. Tech. “
He has promised a free-for-all social media site that will apparently shatter typical boundaries for such matters as spreading untruths and hate speech.
Trump was permanently banned from Twitter and other social media after the violence during the January 6 uprising and his support for the “patriots” who stormed the Capitol. When he first announced his project in October, he complained that “your favorite American president has been silenced. That is unacceptable, he added.
TMTG and DWAC announced that “$ 1 billion in committed capital subscription agreements” will be received from the unknown group of investors when TMTG and DWAC are merged.
Truth Social had an unfortunate debut when hackers quickly manipulated the site, created a fake Donald Trump account and posted pictures of pigs making feces.
There was another snag when the developer of the open source software used for Truth Social warned the operation last month that it had violated the software license.
According to licensing requirements, everyone who uses the code must make it available to the public. Developer Eugen Rochko announced in October that Truth Social had 30 days to comply with the requirements. But nothing seems to have changed. Trump still does not make the code available, and has even indicated that the software is owned by his business, which it is not.
Also on HuffPost
This article originally appeared on HuffPost and has been updated.