Former US President Donald Trump will launch his own social media app, Truth Social, he said will stand up to “big tech” companies like Twitter and Facebook that have blocked him from their platforms.
According to a press release distributed by both organizations, TRUTH Social will be created through a new company formed from the merger of Trump Media & Technology Group and a Special Acquisition Company (SPAC).
“We live in a world where the Taliban have a huge Twitter presence, yet your favorite US president has been silenced. This is unacceptable,” Trump said in a written statement included in the release.
“I am very excited to be sending my first Truth to Truth Social very soon. TMTG was founded with the mission of giving a voice to all. I am looking forward to starting sharing my thoughts on Truth Social and fighting against Big Tech very soon. I’m excited,” she said.
The social network, slated for beta launch next month and full rollout in the first quarter of 2022, is the first of three phases in the company’s plans, followed by a subscription video-on-demand service called TMTG+ that will include entertainment, news, and podcasts, according to the news release.
In a slide deck on its website, the company envisions it eventually competing against Amazon’s AWS cloud service and Google Cloud.
A Trump representative, who declined to be named, confirmed the contents of the TMTG news release to Reuters. Trump spokeswoman Liz Harrington also tweeted a copy.
“For so long, Big Tech has suppressed conservative voices,” the former president’s son, Donald Trump Jr., told Fox News in an interview. “Tonight my father signed a definitive merger agreement to create Trump Media & Technology Group and Truth Social – a platform for everyone to express their feelings.”
Twitter, Facebook and other social media platforms banned Trump from his services after hundreds of his supporters rioted at the US Capitol on January 6.
The protest came after a speech by Trump in which he falsely claimed that his November election loss was due to widespread fraud, a claim rejected by several courts and state election officials.
The deal would see Trump Media & Technology Group listed on Nasdaq through a merger with Digital World Acquisitions, a blank-check acquisition firm led by former investment banker Patrick Orlando.
According to the statement, Trump Media & Technology Group will receive $293 million (approximately Rs 2,190 crore) in cash, which was relied upon by Digital World Acquisition, assuming none of the shareholders of the acquisition firm choose to redeem their shares. Is.
Orlando, who has worked at Deutsche Bank and BT Capital Markets, has launched at least four SPACs and has plans for two more, according to his firm’s website and regulatory filings.
But none of the SPACs have completed a deal yet. A China-based SPAC led by Orlando failed to complete a merger with Giga Energy last month, which would have valued the transportation solutions provider at $7.3 billion (about Rs 54,650 crore), as it could not deliver the necessary cash, regulators said. According to the filing.
Shareholder redemption reduces the amount of cash that Digital World Acquisitions will have available to pay to Trump Media & Technology Group at the conclusion of the deal.
Completion of the merger is subject to redemptions not exceeding a minimum cash requirement, the companies said in the statement. The statement did not specify what the requirement was, although that detail is generally contained in a regulatory filing that must follow Thursday.
According to the news release, the deal values Trump Media & Technology Group at $875 million (about Rs 6,550 crore), which includes debt.