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Donald Trump’s new social media firm claims to have raised $1 billion from investors

Donald Trump’s new social media firm says it has entered into agreements to raise $1 billion from investors ahead of a planned stock market listing.

The Trump Media & Technology Group is working to launch a social media app called Truth Social early next year.

It comes as Mr Trump remains banned from Twitter and Facebook following the attack on the US Capitol in January.

“$1 billion sends an important message to Big Tech that censorship and political discrimination must end,” he said.

“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech.”

Mr Trump announced plans to launch Truth Social earlier this year, saying it would allow conversation “without discrimination on the basis of political ideology”.

Many Wall Street firms snubbed the opportunity to invest in the former president’s new venture, according to Reuters. But some hedge funds, family investment firms and high net-worth individuals have backed it.

Mr Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.

He has also repeatedly dropped hints that he might seek the presidency again in 2024.