Trump has announced the launch of a new social platform. It will be called “Truth”, truth. A press release reads how the new social network, whose ownership will be called Trump Media and Tecnolgy Group (Tmtg), should see the light next month. “I created Truth Social to fight the tyranny of Big Tech,” says the former US president in the presentation note.
Trump: “The Taliban have a voice, I don’t”
“We live in a world where the Taliban have a huge presence on Twitter, while your favorite president is still silenced. This is unacceptable! », Adds Trump who, due to the statements made before and after January 6, the day of the assault on the American Congress, has been temporarily banned from both Twitter and Facebook.
The merger with Spac Dwa
According to some observers, the announcement reinforces the hypothesis of Trump’s candidacy for the US presidential elections in 2024. The newco is the result of a merger with Digital World Acquisition and goes public. Dwa is based in Miami and is in fact a Spac (Special Purpose Acquisition Company), a vehicle company created to “speed up” the listing processes of private companies. A Spac acquires a leading company and then changes its name to that of the company purchased. The resources for the acquisitions come from the investors who have joined the SPAC IPO. Trump said he plans to launch his own social network immediately after the Twitter and Facebook ban. A previous attempt to launch a blog on its existing website was abandoned after the page attracted disreputable visitors.
$ 875 million operation
In addition to the app, which is expected to launch next month, with a nationwide rollout early next year, the company says it is planning a video-on-demand service dubbed Tmtg + that will feature entertainment programming. news and podcasts. Dwa has announced that it has raised about $ 293 million that it will use to grow Tmtg’s initiatives. Among the company’s largest shareholders are several institutional investors, including Lighthouse Investment Partners, DE Shaw & Co. and Radcliffe Capital Management, according to a filing with the Securities and Exchange Commission. The deal has an initial business value – considering the parties’ debt, investments and assets – of $ 875 million, according to the release.