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Trump claims social media company has raised £1bn in ‘fight back against Big Tech tyranny'

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The ex-POTUS’ social media company has said it has put agreements in place to raise £1billion (£755million) ahead of a planned stock market listing on Nasdaq in America. Donald Trump, 75, claimed: “As our balance sheets expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech.

The Trump Media & Technology Group, which was set up in February, is also working to create a new social media app called Truth Social early next year.

The app is said to allow conversation “without discrimination on the basis of political ideology”.

Reports suggest details about the investors and financial details about the company have not yet been confirmed.

However, the Trump Media & Technology Group has partnered with Digital World Acquisition, which is a special purpose acquisition company.

Following news of the proposed merger, US Senator and Democratic primary candidate for President in 2020 Elizabeth Warren, 72, asked the Securities and Exchange Commission’s (SEC) chairman Gary Gensler, 64, to investigate the proposed merger over fears it could violate security laws around disclosure.

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Trump claims social media company has raised £1bn in ‘fight back against Big Tech tyranny'

Trump claims social media company has raised £1bn in ‘fight back against Big Tech tyranny' (Image: Getty)

Nasdaq

Nasdaq (Image: Getty)

But Sky News claims the SEC has declined to confirm whether it has plans to take any action.

Mr Trump has criticised conventional social media outlets in recent times, including Twitter.

The social media giant banned the 45th President’s account after pro-Trump supporters stormed the Capitol on January 6.

Following the incident, Twitter said: “After close review of recent Tweets from the @realDonaldTrump account and the context around them — specifically how they are being received and interpreted on and off Twitter — we have permanently suspended the account due to the risk of further incitement of violence.”

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45th President Donald J Trump

45th President Donald J Trump (Image: Getty)

Ex-POTUS' Twitter

Ex-POTUS' Twitter (Image: Getty)

The ex-POTUS had responded to the ban by launching the ‘From the Desk of Donald J Trump’ blog.

However, this was shut down less than a month after its creation.

Speaking to GB News’ Nigel Farage, 57, last week the ex-President voiced further concern about the world’s most popular social media outlets.

“There’s no excitement on Twitter anymore,” he said.

Mr Trump added: “We used to get tremendous interaction with liberals and everybody else and now they just say it’s a very boring place to be Twitter, it’s going down, the numbers are going way down.”

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Twitter banned Donald Trump's account

Twitter banned Donald Trump's account (Image: Getty)

Trump said the group will "fight back against the tyranny of Big Tech." (Image: Getty)

The ex-Brexit Party leader also highlighted how Twitter’s decision to axe the ex-POTUS’ account seemed “ridiculous” when the Taliban’s leadership retained access to their account even after ex-Afghan President Ashraf Ghani, 72, fled Kabul.

There has been much speculation about whether the 45th President will enter the race to return to the White House in 2024.

Despite opinion polls suggesting Mr Trump would defeat his successor Joe Biden, 79, a victory for the 45th President would prove to be a historic electoral comeback.

If Mr Trump can win in three years time then the 75-year-old would be just the second President to serve two non-consecutive terms in the Oval Office.

The only other Commander-in-Chief to achieve this was Grover Cleveland, who served as the 22nd President from 1885 to 1889 and returned for his second term in 1893.