© Reuters. FILE PHOTO: Former U.S. President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, U.S., October 9, 2021. REUTERS/Rachel Mummey
LOS ANGELES (Reuters) – Former U.S. President Donald Trump will launch his own social media app, TRUTH Social, that he said would “stand up to Big Tech” companies such as Twitter (NYSE:) and Facebook (NASDAQ:) that have barred him from their platforms.
TRUTH Social will be created through a new company formed by a merger of the Trump Media and Technology Group and a special acquisition company, according to a press release https://www.tmtgcorp.com/press-releases/announcement-10-20-2021 distributed by both organizations.
“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 the written 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.
A Trump representative who declined to be named confirmed the contents of the TMTG news release to Reuters. Trump spokesperson Liz Harrington also tweeted a copy of the release.
According to the release Trump Media and Technology Group and Digital World Acquisition Corp. would merge into a single publicly traded company if approved by regulators and stockholders.
The deal values Trump Media & Technology Group at $875 million, including debt, according to the statement. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 million.
TRUTH Social plans a so-called Beta Launch for invited guests in November, followed by a nationwide rollout in the first quarter of 2022.
The new company also has plans for a subscription video-on-demand service featuring entertainment programming, news and podcasts.
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