10 months after being banned by social media networks, former US President Donald Trump decides to launch his own social networking platform. “TRUTH Social” is the name of the social media platform. Trump Media & Technology Group will own the platform (TMTG).
TMTG intends to launch a subscription video-on-demand service. It will feature “non-woke” entertainment programming, the group says in a statement. “I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG’s mission is to give a voice to all,” Trump made a statement. He added Truth Social would “stand up to the tyranny of Big Tech”. “We live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President has been silenced. This is unacceptable,” he continued.
The company expects a full rollout in the first quarter of 2022
The beta version of this app will be available for trial to invited guests on the Apple store in November. The company expects a full rollout in the first quarter of 2022. According to the release, Trump Media & Technology Group would merge with blank check company Digital Acquisition Corp to become a publicly traded corporation. “The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million. Potential of additional earnout of $825 Million in additional shares for a cumulative valuation of up to $1.7 Billion. It depends on the performance of the stock price post-business combination,” it stated.
“Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value,” DWAC chief Patrick Orlando says. Trump is not using several social media networks because of the ban. YouTube states the ban will end if the “risk of violence” decreases, Facebook said Trump might return to the platform as soon as 2023, and Twitter says the ban is permanent.
Ever since the ban, Trump has been trying to reclaim his space on social networking sites. Earlier this year, he launched a blog called “From the Desk of Donald J. Trump.” Miller congratulated Trump for “re-entering the social media fray”shortly after TRUTH Social. “Now Facebook and Twitter will lose even more market share,” tweeted Gettr.
Trump has begun holding public events. It includes campaign-style rallies. He is working to maintain his position as the most powerful Republican in the country. () He has hinted at a presidential bid in 2024 but has made no official announcement about his political future.
