Former US President Donald Trump announced on Wednesday that he plans to launch his own social network, which is his latest move to regain his Internet dominance after being banned from using Twitter and Facebook after the violent rebellion in the Capitol.
“TRUTH Social” will be owned by Trump Media and Technology Group (TMTG) and is expected to launch a beta version for “special guests” starting next month. The organization said in a statement that it is already available for pre-orders in Apple’s App Store. TMTG also intends to launch a subscription video-on-demand service that will feature “non-wake-up” entertainment and will be run by Scott St. John, an executive producer of “Deal Or No Deal” and “America’s Got Talent,” the statement said.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump quoted in the statement as saying that he was banned by Twitter and Facebook for his attack on the U.S. Capitol on January 6. “We live in a world where the Taliban has a lot of presence on Twitter, but your favorite US president has been silent this is unacceptable,” he continued.
The statement stated that Trump Media and Technology Group will merge with Digital World Acquisition Corp (DWAC), a blank check company, to make TMTG a public company. “The initial corporate value of the transaction to Trump Media & Technology Group is US$875 million, the potential additional income is US$825 million (based on the valuation granted), and the cumulative valuation is up to US$1.7 billion, depending on the performance of the business after the merger. Share price,” it said. DWAC chief Patrick Orlando said in a statement: “Considering the entire potential market and the large number of followers of President Trump, we believe that the TMTG opportunity has the potential to create significant shareholder value.”
News Source : NDTV
