Trump announces financial backers to launch his own social media platform in 2022

Former President Donald Trump announced Wednesday evening that he has lined up investment money to launch a publicly traded social media company and a new app, "Truth Social," he said would start an invite-only trial run in November and roll out nationwide in 2022. His investing partner is Digital World Acquisition, a special purpose acquisition company (SPAC) incorporated in Miami in December 2020 and listed on the Nasdaq stock exchange since September, with about $300 million in assets.

The details of "Trump's latest partnership were vague," The New York Times reports, and his press release "reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer," full of "high-dollar amounts and superlatives that could not be verified." Digital World Acquisitions did draw significant investments from some big Wall Street hedge funds in its initial public offering. But the "bottom line," Axios says, is that "there are not yet enough details to suggest that this deal has much legitimacy."

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