According to insiders, the new Internet platform of the former American President Donald Trump wants to raise up to an additional billion dollars by selling shares.

Trump announced in October that he would make himself more heard on social media with his own online platform and want to compete with the industry giants Twitter and Facebook after they had restricted his use due to his lax dealings with facts.

"Truth Social", as the conservative platform is called, is due to be launched in the first quarter of 2022.

Martin Hock

Editor in business.

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The Trump Media & Technology Group as the carrier of "Truth Social" should already receive 293 million dollars if it goes public as planned via the corporate shell (SPAC) Digital World Acquisition (DWAC).

But this IPO is not all about money.

The further share sales are intended not only to meet the interests of traders, but also of Trump supporters, said two people familiar with the process to the Reuters news agency.

Comments from Trump Media and DWAC were initially not available.

This is at least one reason why Trump, who is still credited with fortunes of more than two billion dollars, does not finance "Truth Social" out of pocket.

A public offer can generate more attention for the platform and at the same time attract supporters to the project.

Furthermore, there are always doubts about Trump's fortune, which, according to the Forbes list of riches, has almost halved within five years.

In any case, Trump, for whom self-marketing through books, television and license income has always been an essential source of income, cannot complain about a lack of support.

DWAC shares are traded fairly briskly.

After the takeover agreement, the price shot up from originally ten dollars to 94.20 dollars and initially settled at around 60 dollars.

With the market weak since mid-November, it fell to $ 39.

The announcement of the planned share issue then drove the price up to $ 44.35 in a volatile movement shortly before the close of trading.

After hours it went up to almost $ 60.

Apparently there are many fans - or at least investors, who are counting on loyal followers to fuel the course.

Which does not seem implausible: because Trump opponents are unlikely to buy the shares of the SPAC, which is currently valued at two billion dollars and later medium for an alternative perception of reality.