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Trump has announced social media platform launch plan, the SPAC deal

Trump has announced social media platform launch plan, the SPAC deal

October 22, 2021: -Former President Donald Trump announced Wednesday he will be launching his very own media network, including a social media platform called “TRUTH Social,” to “stand up to the tyranny of Big Tech.”

According to an announcement tweeted by spokeswoman Liz Harrington, the app was the first project of the Trump Media and Technology Group, which will list on the Nasdaq through a merger with Digital World Acquisition Group. The transaction valuing TMTG at up to $1.7 billion, Harrington said.

The new company, listing Trump’s private membership club Mar-A-Lago as its address, will be chaired by the former president, saying that this “group’s mission is to create a rival to the liberal media consortium.”

“We live in a world where the Taliban has a wide presence on Twitter, yet your favorite American president is silenced,” Trump claimed.

Earlier this year, Trump was notoriously banned by major social media giants following his posts related to the January 6 riots at the United States Capitol Building.

The move does not come as a total surprise. Trump and his team of advisors have dropped hints for months that he might launch his social media app to rival Facebook and Twitter.

According to the press release, TRUTH Social is available for pre-order in the Apple App Store. The release said a beta version would be available to guests starting in November 2021, and a nationwide rollout is expected in the first quarter of 2022.

The release also noted TMTG intends to launch a subscription video-on-demand service that would feature “non-woke” entertainment programming, news, and podcasts.

For those who register online to receive emails from TMTG, the terms of service require that users sign their right to file a class action.

Digital World Acquisition Group has filed anything with the Securities and Exchange Commission about this merger.

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