Ex-President Donald Trump is to lead a new social media startup aimed at replacing Facebook and Twitter, according to the Trump Media & Technology Group.
The move could put the 45th president back in the online arena from which he‘s been banned since leaving office Jan. 20. His accounts have been blocked by Twitter and Facebook.
The new venture also stated that it would offer a subscription service with “non-woke programming.”
In July, Mr. Trump sued Twitter and Google. The search engine giant also owns YouTube, claiming that the companies suppress conservative speech. On October 7, his lawyers sought a court order for Facebook to restore his accessibility.
The new company stated that its mission was to “create a rival to liberal media consortium” and fight back against Silicon Valley’s ‘Big Tech’ corporations .”
The announcement stated that “Truth Social” would be launched in November as a beta project, or experimental project. A formal roll-out will take place in the first quarter 2022.. A waiting list is online at www.truthsocial.com, the firm said.
A “Truth Social” app can be ordered on Apple’s App store, it said.
” I created TRUTH Social, TMTG and other platforms to resist the tyranny that is Big Tech. Your favorite American President is being silenced, even though the Taliban are a prominent presence on Twitter. This is unacceptable,” Mr. Trump ,, who is listed as the chairman of this new venture, stated in a statement. “TMTG was established with the mission of giving voice to all. I am excited to share my thoughts on TRUETH Social and fight against Big Tech. Everybody asks me why I don’t stand up against Big Tech. We will soon be !”
TMTG stated it would offer a “subscription video-on demand service” called “TMTG+, which “will feature non-woke entertainment programming, news and more.”
Scott St. John is a TV veteran who was an executive producer on “America’s Got Talent” as well as “Deal or No Deal”, will lead corporate operations for the video arm of the company, according to the company.
To fund the operation, TMTG announced that it had entered into a “definitive merge agreement” with Digital World Acquisition Corp. NASDAQ: DWAC. According to the firm, the deal will make Trump’s venture a public company that has an “initial enterprise value of $875 million”.
Depending on the performance of the stock after combination, the new company could have a “potential additional earnout $825 million in additional shares (at their valuation) for a cumulative value of up to $1.7 billion,” according to the announcement.
Patrick F. Orlando was the Chairman/CEO at DWAC. He stated in the statement that DWAC has $293 million in trust. This, assuming very few redemptions, can help TMTG to scale up, and provide world-class technology services to create strong, secure social networks as well as diverse media offerings. We believe that the TMTG opportunity can create significant shareholder value , given the market size and the large support of President Trump.
A question to TMTG’s Press Office asking if the acquiring company is known as a Special Purpose Acquisition Company (or SPAC) was not answered immediately.
SPACs are also known as “blank-check” companies and can be used to make a company public without going through the traditional initial public offering process.