Former United States President Donald Trump has announced that he will soon launch his own social media site, Truth Social. Trump intends to challenge “Big Tech” by creating a rival social media platform to offer his supporters an alternative.
This comes after the former President was kicked off Twitter, Facebook and Instagram for allegedly inciting riots, when thousands of his supporters stormed the Capitol on January 6. His other posts were criticised for being insulting, inflammatory or peddling outright falsehoods.
Truth Social is set to be rolled out next year although a beta version is set to be launched in November.
Trump said that the company’s mission is to create “a rival to the liberal media consortium and fight back against the Big Tech companies.”
In a statement the former president said,
“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.”
Below is the full statement from Trump Media & Technology Group.
PALM BEACH, FL — October 20, 2021 — 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.
Trump Media & Technology Group (“TMTG”) will soon be launching a social network, named “TRUTH Social.” TRUTH Social is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022. Those who are interested in joining TRUTH Social may now visit www.truthsocial.com to sign up for the invite list.
President Donald J. Trump, the Chairman of TMTG, stated, “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!”