Trump social media company claims to raise $1bn from investors

The former president launched Trump Media & Technology Group (TMTG) in October. He unveiled plans for a new messaging app called Truth Social, meant to rival Twitter and the other social media platforms that banned him following the deadly attack on the US Capitol on 6 January.

Digital World said in the release that the $1bn is above the $293m (minus expenses) that it may invest.

Trump is listed as chair of TMTG. He will get tens of millions in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.