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The old president Donald Trump The new Trump Media and Technology Group will head a social media initiative that apparently aims to replace Facebook and Twitter, the media and technology group said Wednesday evening.
The move could put the 45th president back into the online arena. heHe has been banned since leaving office on January 20. Facebook and Twitter have blocked Mr Trump’s accounts.
The new venture also said it will offer a subscription video service that includes “unwake-up” programming.
In July, Mr. embers Twitter, which also owns the YouTube video streaming platform, sued Facebook and search engine giant Google for allegedly silencing conservative speeches by companies. on October 7, her lawyers seek a court order to force Facebook to reinstate her access.
The new firm said its “mission is to fight the ‘Big Tech’ companies of Silicon Valley, which are using their unilateral power to create a competitor to the liberal media consortium and silence opposing voices in America.”
The announcement states that the firm will launch “Truth Social” as a “Beta” in November, or an experimental project that will be officially available in the first quarter of 2022. www.truthsocial.com, said the firm.
A “Truth Social” app can be pre-ordered on Apple’s App Store, he added.
“I created TRUTH Social and TMTG to stand up to Big Tech’s tyranny. We live in a world where the Taliban have a large Twitter presence, but your favorite American President has been silenced. This is unacceptable,” he said. embers, listed as head of the new venture, said in a statement. “TMTG was founded with the mission of being the voice of everyone. I’m excited to start sharing my thoughts on TRUTH Social soon and fight Big Tech. Everyone asks me why no one is against Big Tech. Well, we will be soon!”
According to the statement, TMTG said it will offer a “video-on-demand subscription service” called TMTG+, which includes “not-a-wake” entertainment, news, podcasts and more.
The company is based on Scott St. John’s, a television veteran who has executive produced the films “America’s Got Talent” and “Deal or No Deal.” He said he would lead corporate operations for John’s video arm.
To fund the new operation, TMTG has partnered with Digital World Acquisition Corp. (NASDAQ: DWAC), said it had signed a “definitive merger agreement” with. The firm said the deal would make the Trump initiative a publicly traded company with an “initial operating value of $875 million.”
Based on the post-merger performance of the stock, the new company could achieve “$825 Million in potential additional earnings in additional shares (at valuation given) for a cumulative valuation of up to US$1.7 Billion,” according to the announcement. .
Patrick F. Orlando, DWAC Chairman/CEO, said in a statement, “DWAC currently has $293M in trust and this is to provide world-class leading technology services to build strong and secure that can accelerate TMTG’s scale-up. including social networks and various media offers. Given the overall addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value.”
A question to TMTG’s press office asking whether the acquiring firm was a Special Purpose Purchaser or the company known as SPAC was not immediately answered.
SPACs, also known as “blank check” companies, can be used to take a firm public without the usual initial public offering process.
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