Former US President Donald Trump will launch his own social media app, TRUTH Social, which he claims will “stand up to Big Tech” companies like Twitter and Facebook, which have barred him from using their platforms.
According to a press release distributed by both organizations, TRUTH Social will be formed by a merger of the Trump Media and Technology Group and a special acquisition company (SPAC).
“We live in a world where the Taliban has a sizable Twitter presence, but your favorite American President has been silenced.” “This is completely unacceptable,” Trump said in a written statement included with the release.
“I’m looking forward to sending out my first TRUTH on TRUTH Social very soon.” TMTG was founded with the goal of giving everyone a voice. “I’m excited to start sharing my thoughts on TRUTH Social and fighting back against Big Tech soon,” he said.
According to the news release, the social network is the first of three stages in the company’s plans, with a beta launch next month and a full rollout in the first quarter of 2022. It will be followed by a subscription video-on-demand service called TMTG+, which will feature entertainment, news, and podcasts.
The company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud, according to a slide deck on its website.
To Reuters, a Trump representative who declined to be identified confirmed the contents of the TMTG news release. Liz Harrington, a Trump spokesperson, also tweeted a copy.
“Big Tech has suppressed conservative voices for so long,” Donald Trump Jr., the former president’s son, told Fox News in an interview. “Tonight, my father signed a definitive merger agreement to create what will eventually be the Trump Media and Technology Group and TRUTH Social – a platform for everyone to express their emotions.”
After hundreds of his supporters rioted at the United States Capitol on Jan. 6, Twitter, Facebook, and other social media platforms barred Trump from using their services.
Former United States President Donald Trump speaks at a rally at the Iowa State Fairgrounds in Des Moines, Iowa, on October 9, 2021.
That protest followed Trump’s speech in which he falsely claimed that his November election loss was the result of widespread fraud, an assertion that has been refuted by multiple courts and state election officials.
Through a merger with Digital World Acquisition Corp, a blank-check acquisition firm led by former investment banker Patrick Orlando, Trump Media & Technology Group will be listed on the Nasdaq.
According to the statement, Trump Media & Technology Group will receive $293 million in cash held in trust by Digital World Acquisition Corp if no shareholders of the acquisition firm choose to redeem their shares.
According to his firm’s website and regulatory filings, Orlando, who previously worked at Deutsche Bank and BT Capital Markets, has launched at least four SPACs and plans to launch two more.
However, none of the SPACs have yet completed a transaction. According to regulatory filings, a China-based SPAC led by Orlando failed last month to complete a merger with Giga Energy Inc, which would have valued the transportation solutions provider at $7.3 billion, because it could not deliver the required cash.
Shareholder redemptions reduce the amount of cash that Digital World Acquisition Corp will have available to give to Trump Media & Technology Group at the transaction’s completion.
The companies stated in the statement that the merger is conditional on redemptions not exceeding an agreed-upon minimum cash requirement.
Trump asks judge to order Twitter to lift its ban on his accountThe statement did not specify what the requirement is, but that information is typically included in a regulatory filing, which is expected on Thursday.
According to the news release, the deal values Trump Media & Technology Group at $875 million, including debt.
Reuters News
