Donald Trump's social media venture says it has raised $1 billion

The capital raise underscored the former US president's ability to attract strong financial backing

Donald Trump’s new social media venture said it had entered into agreements to raise about $1 billion from a group of unidentified investors as it prepares to float in the US stock market.

The capital raise, details of which were first reported by Reuters on Wednesday, underscored the former US president’s ability to attract strong financial backing thanks to his personal and political brand.

He is working to launch a social media app called TRUTH Social that is at least several weeks away.