Donald Trump Launches A New Social-Media Company With Plans To Go Public Via SPAC
Banned from Facebook and Twitter, Former President Donald Trump says he will launch his own social media app TRUTH Social. The social network will be part of Trump Media & Technology Group, which plans to go public by merging with a SPAC.
A post shared by President Donald J. Trump (@realdonaldtrump)
The announcement comes after months of speculation. Trump and his team of advisors have dropped hints for months that he might launch his own social media app to rival Facebook and Twitter.
In a news release, the ex-commander and chief revealed the new digital-media venture is the result of a merger agreement with a special-purpose acquisition company.
The statement said that Trump Media & Technology Group would combine with a SPAC called Digital World Acquisition Corporation to make TMTG a publicly-traded company.
The transaction values Trump Media & Technology Group at an astounding $1.7 billion, according to an announcement tweeted out by spokeswoman Liz Harrington.
The release stated, “Trump Media & Technology Group’s mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.”
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It looks like the plans for the company involve a lot more ambition than just releasing a social media app. The release claims the company intends to launch a subscription video-on-demand service that would feature less politically correct entertainment programming, news, and podcasts.
The former president retaliated by launching several lawsuits against the tech giants, whom he argues has wrongfully censored him.
It’s unclear what stake Trump will have in the company, but a publicly traded company with his name attached to it is sure to attract a lot of attention. It’s possible that in the era of speculation, shares of the company perform well, helping the former president add to his already incredibly $2.5 billion fortune.
If you’re eager to try TRUTH Social, the app is available for pre-order in the Apple App Store. A beta version will be available to guests starting in November 2021. A nationwide rollout is expected in the first quarter of 2022.
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Sources: CNBC, WSJ
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