Trump pronounces social media platform launch plan, SPAC deal

Former President Donald Trump speaks to supporters throughout a rally on the Iowa State Fairgrounds on October 09, 2021 in Des Moines, Iowa.

Scott Olson | Getty Pictures

Former President Donald Trump introduced Wednesday he shall be launching his very personal media community, together with a social media platform known as “TRUTH Social,” with a purpose to “stand as much as the tyranny of Massive Tech.”

The app seems to be the primary venture of the Trump Media and Expertise Group (TMTG), which can checklist on the Nasdaq by means of a merger with Digital World Acquisition Group, in accordance with an announcement tweeted out by spokeswoman Liz Harrington. The transaction values TMTG at as much as $1.7 billion, Harrington mentioned.

The brand new firm, which lists Trump’s non-public membership membership Mar-A-Lago as its deal with, shall be chaired by the previous president, who says that this “group’s mission is to create a rival to the liberal media consortium.”

“We reside in a world the place the Taliban has an enormous presence on Twitter, but your favourite American president has been silenced,” Trump claimed.

Trump was notoriously banned by main social media giants earlier this yr, following his posts associated to the January 6 riots at the US Capitol Constructing.

The transfer would not come as a complete shock. Trump and his workforce of advisors have dropped hints for months that he may launch his personal social media app to rival Fb and Twitter.

In line with the press launch, TRUTH Social is at the moment out there for pre-order within the Apple App retailer, and a beta model shall be out there to invited friends beginning in November 2021. A nationwide rollout is predicted within the first quarter of 2022, the discharge mentioned.

The discharge additionally famous TMTG intends to launch a subscription video-on-demand service which might would function “non-woke” leisure programming, information and podcasts. 

For many who register on-line to obtain emails from TMTG, the phrases of service require that customers signal away their proper to file a category motion.

Digital World Acquisition Group has not but filed something with the Securities and Trade Fee about this merger.

— CNBC’s Christina Wilkie contributed to this report.

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