Trump’s Truth Social app may raise up to US$50 million before deal closes, filing says
- A regulatory filing from Digital World Acquisition Corp says Donald Trump’s social media venture could raise the money through convertible notes
- The filing also revealed that the former US president must wait at least six hours before posting his content on other platforms
Truth Media & Technology Group (TMTG) is set to receive US$1.25 billion in funding once it merges with Digital World Acquisition Corp. But the deal, which was inked in October, has been under investigation by the US Securities and Exchange Commission (SEC). The funds are inaccessible to Trump’s company until the SEC gives the green light and the transaction closes.
TMTG, which according to the filing posted an operating loss in 2021 of US$4.3 million, had to secure other funding as a result. It raised US$38.2 million as of March 31 through the issuance of convertible promissory notes, the filing shows.
The filing reveals that the maximum TMTG can raise though convertible notes is US$50 million.
The filing also revealed that Trump will have to wait for six hours before reposting his messages from Truth Social on other platforms.