Former President Donald Trump will lead a social media startup apparently aiming to supplant Facebook and Twitter, the new Trump Media & Technology Group announced Wednesday evening.
The move could put the 45th president back into the online arena from which he has been banned since leaving office on January 20. Facebook and Twitter have blocked Mr. Trump’s accounts.
The new company also announced that it would offer a subscription video service featuring “non-awakened” programming.
In July, Mr. Trump sued Twitter, Facebook and search engine giant Google, which also owns the video streaming platform YouTube, alleging the companies are silencing conservative rhetoric. On October 7, his lawyers sought a court order to force Facebook to restore its access.
The new company said its “mission is to create a rival to the liberal media consortium and to fight the ‘big tech’ companies in Silicon Valley, which have used their one-sided power to silence opposing voices in America.”
The announcement said the company would launch “Truth Social” in November as a “beta” or experimental project with a formal rollout in the first quarter of 2022. A waitlist is online at www.truthsocial.com, said the society. .
A “Truth Social” app can be pre-ordered from the Apple App Store, he added.
âI created TRUTH Social and TMTG to resist the tyranny of Big Tech. We live in a world where the Taliban have a strong presence on Twitter, but your favorite US president has been silenced. This is unacceptable, âMr. Trump, who is listed as chairman of the new company, said in a statement. âTMTG was founded with the mission of giving everyone a voice. I’m excited to start sharing my thoughts on TRUTH Social and tackling Big Tech soon. Everyone asks me why nobody stands up to Big Tech? Well, we will be soon!
TMTG said it would offer a “subscription video-on-demand service” called TMTG + which “will feature” non-awakened “entertainment, news, podcasts and more,” the statement said.
Scott St. John, a television veteran who served as executive producer of âAmerica’s Got Talentâ and âDeal or No Dealâ will lead corporate operations for the video branch, the company said.
To fund the new transaction, TMTG said it has entered into a “definitive merger agreement” with Digital World Acquisition Corp. (NASDAQ: DWAC). The deal will make the Trump venture a state-owned company with “an initial enterprise value of $ 875 million,” the company said.
Depending on the post-combination performance of the stock, the new company could have “a potential earn-out of $ 825 million in additional shares (at their assigned valuation) for a cumulative valuation of up to 1.7 billion dollars, “according to the ad. .
Patrick F. Orlando, chief executive officer of DWAC, said in the statement: âDWAC currently holds $ 293 million in trust, assuming minimal buybacks, which may fuel TMTG’s rise to power, especially to provide world-class leading technology services to build strong and secure systems. social networks and various media offers. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value. “
A survey of TMTG’s press office asking whether the acquiring company is what is known as a special purpose acquiring company, or SPAC, was not immediately answered.
SPACs, also known as âblank checkâ companies, can be used to go public without the usual initial public offering process.