Former US President Trump launching new Social Media Network: TRUTH Social
Former US President, Donald J Trump finally made good on his promise to launch his own social media platform to compete against the Big Tech companies that had collectively censored and kick him off their respective platforms.
Trump Media & Technology Group (TMTG) merged with Digital World Acquisition Corp. (NASDAQ: DWAC), to immediately fast track into a publicly listed company. Tentatively, this merger is still subjected to regulatory and stockholder approval. The transaction values TMTG at initial enterprise value of 875 million USD.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”
President Donald J. Trump, the Chairman of TMTG
Once approved, TMTG will take over DWAC’s 293 million dollars of war chest to kick off their operations, and a combined valuation of over a billion dollar.
“Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose. DWAC currently has $293 Million in trust, assuming minimal redemptions, which can fuel TMTG’s scale up, including to provide world class leading technology services to build strong and secure social networks and diverse media offerings. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value.”
Patrick F. Orlando, Chairman/CEO of DWAC
truthsocial.com is currently up and collecting emails for their waiting list. Beta launch for “invited guests” will be in November 2021 with a full nationwide launch in first quarter of 2022.
TMTG will also be launching a video on demand (VOD) subscription service which will be called TMTG+. Not sure if this is just a cable channel or its a Netflix/Disney+ sort of app (likely the latter). Scott St. John has been named in their press release as the leader of the TMTG+ corporate operations. He was the executive producer of “Deal or No Deal” and “America’s Got Talent”.
TMTG’s corporate website is at tmtgcorp.com
It remains to be seen if there will be a huge push back against this latest move by Trump, especially within the investors of DWAC – but if the merger goes through, it would position TMTG / TRUTH Social at the head of the pack among the alternate social media platforms like Parler, Gab or Gettr in pure financial terms.