Former president Donald Trump's media company Digital World Acquisition Corp has agreed to a $1bn investment after the combination of both companies. Picture: BLOOMBERG
Trump first announced the plan to merge with the so-called blank-check firm in October that would help enable him to regain a social media presence after he was kicked off Twitter and Facebook platforms. The new enterprise will be in operation by the first quarter of 2022 and plans to start a social media company called Truth Social.
“$1bn sends an important message to Big Tech,” Trump said in the statement, adding to earlier accusations of censorship and political discrimination. “As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.” Pointing to the math for the transaction, Levine said Trump is “gonna get his money” because “retail investors and Trump political allies will pay $44 for the right to give Trump $10”.Hedge fund manager Bruce Kallins just had the best month of his three-decade career after his event-driven fund, Yakira Partners, gained about 12% in October, far better than peers.