Former US President Donald Trump launches the “TRUTH” social media platform
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LOS ANGELES, Oct. 20 (Reuters) – Former US President Donald Trump is set to launch his own social media app, TRUTH Social, which he said would be “big tech” companies like Twitter and Facebook have excluded him from their platforms, “resist”.
TRUTH Social will be created by a new company formed through a merger of Trump Media and Technology Group and a special acquisition company (SPAC), according to a press release circulated by both organizations.
“We live in a world where the Taliban are very present on Twitter, but your favorite US president has been silenced. That is unacceptable, “Trump said in a written statement attached to the press release.
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“I look forward to publishing my first TRUTH on TRUTH Social very soon. TMTG was founded with the mission of giving everyone a voice. I look forward to sharing my thoughts on TRUTH Social and fighting against Big Tech soon.” said.
The social network, which will be launched in beta next month and fully rolled out in the first quarter of 2022, is the first of three phases in the company’s plans, followed by a subscription video-on-demand service called TMTG +, which Entertainment and news will feature and podcasts, according to the press release.
In a slide deck on its website, the company envisions competing with the AWS cloud service from Amazon.com and Google Cloud at some point.
A Trump representative who refused to be named confirmed the contents of the TMTG press release to Reuters. Trump spokeswoman Liz Harrington also tweeted a copy.
“Big Tech has suppressed conservative voices for so long,” former President’s son Donald Trump Jr. said in an interview with Fox News. “Tonight, my father signed a definitive merger agreement to create the ultimate Trump Media and Technology Group and TRUTH Social – a platform where everyone can express their feelings.”
Twitter, Facebook and other social media platforms banned Trump from their services after hundreds of his supporters rioted in the U.S. Capitol on January 6.
That protest came after a speech by Trump falsely claiming that his November election defeat was due to widespread fraud, a claim that has been rejected by several courts and state election officials.
As a result of the deal, Trump Media & Technology Group will be listed on Nasdaq through a merger with Digital World Acquisition Corp, a blank check acquisition company led by former investment banker Patrick Orlando.
Trump Media & Technology Group will receive $ 293 million in cash that Digital World Acquisition Corp has held in trust, provided that no shareholder in the acquisition firm says it chooses to repurchase its shares.
Former US President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, USA, October 9, 2021. REUTERS / Rachel Mummey
Shocking scenes from the siege of the US Capitol
Pro-Trump protesters storm the U.S. Capitol to contest the certification of the 2020 U.S. presidential election results by the U.S. Congress in the U.S. Capitol Building in Washington, DC, the United States, Jan. 6, 2021. Image taken on January 6, 2021. REUTERS / Ahmed Gaber – RC263L9P157M
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Orlando, who worked at Deutsche Bank and BT Capital Markets, has launched at least four SPACs and plans to add two more, according to his company’s website and regulatory filings.
But none of the SPACs has closed a deal yet. A China-based SPAC, which Orlando led, failed last month in closing a merger with Giga Energy Inc that would have valued the transportation solutions provider at $ 7.3 billion because government filings said it could not deliver the cash it needed .
Shareholder redemptions will reduce the amount of cash Digital World Acquisition Corp will provide to Trump Media & Technology Group upon completion of the transaction.
The companies said in the statement that the completion of the merger is contingent on redemptions that do not exceed an agreed minimum amount of cash. The statement failed to state what the requirement is, although that detail is usually included in a regulatory filing that should follow on Thursday.
The deal values Trump Media & Technology Group at $ 875 million, including debt, according to a press release.
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Reporting by Dan Whitcomb in Los Angeles, Steve Holland and Mohammad Zargham in Washington and Greg Roumeliotis in New York Editor Gerry Doyle
Our Standards: The Thomson Reuters Trust Principles.
