Donald Trump will launch a social media platform called TRUTH Social. It will be made public through a merger with an unregistered company. This is in part to capitalize on Trump's popularity among large segments of Republicans.
After months of speculation, Trump's decision to launch a media company is now official. It will compete with Facebook and Twitter, and could set the stage for a second presidential run in 2024.
Trump, who was a frequent user of Twitter during his 2016 campaign, four years as an officeholder, was expelled from the platform along with Facebook and YouTube. This ban came in the wake the attack on the US Capitol on January 6.
In a statement, the former president stated Wednesday that the new app will be controlled by Trump Media & Technology Group.
He said that he created TMTG and TRUTH Social to resist the tyranny in Big Tech. While the Taliban is a prominent presence on Twitter, your favorite American president has been silenced. This is unacceptable.
Digital World Acquisition, a company that was created for special purposes, will merge with TMTG. The deal values the business at $875m, with a potential rise to $1.7billion based on performance of the stock.
Digital World raised $293 Million in cash during an initial public offering in September. According to filings, eleven hedge funds participated in the offering. These included Saba Capital and DE Shaw, both of which are led by prominent Democratic party donors.
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If investors do not redeem their shares (which they may choose), that cash will be used for Trump's media business.
TRUTH Social can be preordered on Apple's App Store. It is expected to release next year. The app is called America's Big Tent social media platform, which encourages open, honest and free global conversations without discriminating against political ideologies.
Since being stripped of his social media accounts in January, the former president has maintained a low profile and skipped Joe Biden's inauguration. He has issued press releases through Save America and considered another run for the White House in 2024.
He organized a rally in Iowa this month, which is an important state for the presidential nomination process. He has also endorsed several candidates in advance of next year's midterm elections when both houses of Congress are in dispute.
Trump and other Republican lawmakers have accused Big Tech companies and biased against conservatives of censorship, and called for an overhaul in the laws that govern platforms liability for speech they host. A number of smaller platforms for free speech have emerged, and some are vying to be partners with Trump in order to provide him with a platform.
Jason Miller, a former senior advisor to Trump, created Gettr in the new year to promote conservatives and issued a statement congratulating him.
Miller stated that Facebook and Twitter would lose more market share. Although President Trump is a great dealmaker, we couldn't agree on a deal.
Miller did not respond immediately to a request for more information.
Hannah Murphy, San Francisco, provides additional reporting.
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