Trump announces social media platform launch plan, SPAC deal

Former President Donald Trump addresses supporters at a rally held at the Iowa State Fairgrounds, October 9, 2021, Des Moines, Iowa.
Trump, the former President, announced Wednesday that he would be starting his own media network. This will include a social media platform called TRUE Social. It is designed to "stand up against the tyranny and Big Tech."

According to a tweet by Liz Harrington, the app is the first project of Trump Media and Technology Group (TMTG), and will be listed on the Nasdaq via a merger with Digital World Acquisition Group. Harrington stated that the transaction value of TMTG is up to $1.7billion.

Trump's Mar-A-Lago private membership club will be the address of the new company. The former president says the group's purpose is to "create a rival to liberal media consortium."

Trump stated, "We live in an age where the Taliban have a large presence on Twitter, but your favorite American president is silenced."

After his January 6th riots at US Capitol Building, Trump was famously expelled by social media giants.

It's not surprising that Trump made the move. Trump and his advisors have been hinting for months that he may launch his own social media platform to compete with Twitter and Facebook.

According to the release, TRUE Social is available for preorder in the Apple App Store. A beta version will be made available to invited guests beginning in November 2021. According to the release, a nationwide rollout is planned for the first quarter 2022.

The release noted that TMTG plans to launch a subscription-video-on-demand service, which will feature non-woke entertainment programming, news, and podcasts.

Register online to receive email from TMTG. The terms of service stipulate that you must give up your right to file a group action.

Digital World Acquisition Group has yet to file any information with the Securities and Exchange Commission regarding this merger.

Christina Wilkie, CNBC, contributed to this report.