All major social media companies moved to ban former President Trump from their platforms earlier this year following the January 6 riot on Capitol Hill.
In response, Trump has unveiled plans to create his own social media company, and new development will likely leave many Democrats concerned.
Former president says that “political discrimination must end”
According to the BBC, Trump’s venture has just raised $1 billion in investment capital. He was quoted as saying that the money “sends an important message to Big Tech that censorship and political discrimination must end.”
“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech,” the former president added.
Fox Business explained on Saturday that the $1 billion figure comes in addition to $293 million that Digital World Acquisition Corp. has said it may invest.
It added that the proposed platform known as Truth Social is expected to come about through a merger between Digital World and the Trump Media & Technology Group (TMTG).
Patrick Orlando serves as CEO of Digital World, and in press release he welcomed the high-dollar capital infusion, arguing that it bode well for the venture’s future.
“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,” Fox News quoted Orlando as saying.
Trump says he will “stand up to Big Tech”
Fox News reported in October that Truth Social is “expected to make its full debut within the first quarter of 2022” and will position itself as a haven for those who feel constrained by existing platforms.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” declared Trump, who will serve as chairman of TMTG.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” he continued, adding, “This is unacceptable.”
“TMTG was founded with a mission to give a voice to all. I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”