Trump’s new social media platform will feature a subscription video service and will “stand up to the tyranny of big tech.”
QUICK FACTS:
- President Donald Trump has announced plans to launch his own social media network, TRUTH Social, which will compete with Silicon Valley, according to The Daily Mail.
- The network launches in early 2022 under a merger between Trump Media & Tech Group (TMTG) and Digital World Acquisitions Corp.
- The TRUTH Social app is currently available for pre-order on the Apple App store, the beta version to launch in November.
- Users can subscribe to the waiting at TruthSocial.com.
- “I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump said in a press release.
- CNBC noted the stock price of Digital World Acquisition Corp. (DWAC) “rocketed up more than 90% in trading after news of a merger.”
WHAT TRUMP SAID:
- “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,” Trump went on to say.
- “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,” he continued. “Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”
WHAT ELSE?
- Daily Mail reports that along with social media service, TMTG also plans to launch a subscription video on-demand service called “TMTG+,” which it says will feature “non-woke” entertainment programming, news, podcasts, and more.
- TMTG is expected to have an initial value of $875 million, with a potential additional earnout of $825 million, combined to a total $1.7 billion, notes Daily Mail.
MORE FROM THE PRESS RELEASE:
Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval. The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion depending on the performance of the stock price post-business combination. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 Million (assuming no redemptions).
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.
Jon Fleetwood is Managing Editor for American Faith and author of “An American Revival: Why American Christianity Is Failing & How to Fix It.”
