Donald Trump will launch a social media platform called TRUTH Social, which will become a public company through a merger with a blank check company, as the former president of the United States seeks to capitalize on its popularity among a large proportion of US Republicans. .
The move comes after months of speculation about whether Donald Trump would launch a media company to compete with Twitter and Facebook and set the stage for another presidential race in 2024.
Trump, who used Twitter extensively during his 2016 campaign and four years in office as president of the United States, was ousted from the platform, as well as from Facebook, YouTube and other large social networks in the wake of the January 6 attack on United States Capitol.RELATED
Former President Donald Trump mentioned in a statement last Wednesday that the new app will be controlled by Trump Media & Technology Group (TMTG).
“I created TRUTH Social and TMTG to confront the tyranny of the big tech groups,” he said in a statement. “We live in a world where the Taliban have a large presence on platforms like Twitter, but their favorite US president has been silenced. This is unacceptable”.
Digital World Acquisition, a special purpose acquisition company (SPAC) launched by Patrick Orlando, will merge with TMTG in a deal that values the business at $ 875 million, with the potential to rise to $ 1.7 billion. based on the performance of the actions.
In September, Digital World raised $ 293 million in cash in an Initial Public Offering. Eleven hedge funds, including DE Shaw and Saba Capital, which are led by prominent Democratic Party donors, participated in the offering, according to documents submitted to the Financial Times.
Assuming no investors trade their shares, an option they have, that cash will be used to capitalize on Trump’s media company.
TRUTH Social is now available for pre-order on the Apple App Store, where it is scheduled to launch next year. The application is described as the “‘Big Tent’ social media platform (for various ideologies and points of view) of the United States that encourages open, free and honest conversation without discrimination of political ideology.”
The former president has kept a relatively low profile since his social media accounts were taken down and did not attend Joe Biden’s inauguration in January. But he continued to issue press releases through his political action committee “Save America” and plays politically with another run for the White House in 2024.
He held a rally this month in Iowa, an important state in the presidential nomination process, and received the endorsement of several candidates ahead of next year’s midterm elections, when control of both houses of Congress will be in dispute.
Trump and other Republican lawmakers accused the big tech companies of censorship and bias against conservatives, and called for a review of the laws governing the responsibility of a platform for the speech they present. Several smaller “free speech” platforms emerged, with some recently competing to become partners with the former president to give him a platform.
Jason Miller, a former high-level adviser to Donald Trump, who this year created Gettr, his own social media platform with the intention of attracting conservatives, issued a statement congratulating his former boss.
“Now Facebook and Twitter will lose even more market share,” said Jason Miller. “President Donald Trump has always been a great negotiator, but we could not reach an agreement,” added the former adviser.
Jason Miller did not immediately respond to a request for additional comment to the Financial Times story.