Former US President Donald Trump has announced he will be launching ‘TRUTH Social’, a social networking program that he claims would “stand up to Big Tech” firms like Twitter and Facebook who have blocked him from using their platforms.
According to a press release, TRUTH Social will be founded by combining the Trump Media and Technology Group with a special acquisition business to build a new company (SPAC)
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable,” Trump said in a written statement included in the release.
“I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech,” he said.
According to the news release, the social network is the first of three stages in the company’s plans, with a beta launch next month and a full launch in the first quarter of 2022. The social network will be followed by a subscription video-on-demand service called TMTG+, which will include entertainment, news, and podcasts.
Twitter, Facebook and other social media platforms banned Trump from their services after hundreds of his supporters rioted at the U.S. Capitol on Jan. 6.
That demonstration followed Trump’s erroneous claim in a speech that his November election defeat was due to widespread fraud, a claim that has been refuted by several courts and state election officials.
Through a merger with Digital World Acquisition Corp, a blank-check acquisition business run by veteran investment banker Patrick Orlando, Trump Media & Technology Group will be listed on Nasdaq.
According to the announcement, Trump Media & Technology Group will receive $293 million in cash held in trust by Digital World Acquisition Corp if no shareholders of the acquisition business opt to redeem their shares.
According to his firm’s website and regulatory filings, Orlando, who formerly worked at Deutsche Bank and BT Capital Markets, has created at least four SPACs and expects to open two more.
However, none of the SPACs has yet to close a contract. According to regulatory documents, a China-based SPAC managed by Orlando failed to execute a merger with Giga Energy Inc last month, which would have valued the transportation solutions company at $7.3 billion, because it could not produce the funds necessary.
The businesses stated in the statement that the merger will be completed if redemptions do not exceed an agreed-upon minimum cash requirement. The message didn’t say what the requirement is, but such information is usually included in a regulatory file, which should be released on Thursday.
According to the news announcement, the purchase values Trump Media & Technology Group at $875 million, including debt.
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