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 and Facebook that have barred him from their platforms. Jayson Albano reports.
After being silenced by Facebook and Twitter for months, former U.S. President Donald Trump said Wednesday he'll be launching his own social media platform, TRUTH Social.
Trump was kicked out of several social networks following the January 6 Capitol Hill riots.
In a press release on Wednesday, he said his new app is being created to 'fight back against the 'Big Tech' companies of Silicon Valley', which he says silences 'opposing voices in America'.
TRUTH Social will be launched through a new company, a merger between Trump Media and Technology Group, or TMTG, and Digital World Acquisition Group.
That's a special purpose acquisition company - already listed on the NASDAQ.
The merger will allow TMTG to also be listed on the stock exchange, as well as give it access to Digital World's cash raised from its IPO.
According to the press release, that cash amounts to 293 million dollars - assuming none of that firm's shareholders choose to redeem their shares.
The impending deal values Trump's company at $875 million dollars.
But the merger is not yet complete.
Both companies have said that would depend on shareholder redemptions not exceeding a minimum cash requirement.
The press release said a beta version of TRUTH Social will be available to invited guests next month.
It also said that in the future, TMTG intends to launch a streaming service featuring 'non-woke' entertainment programming, as well as a cloud service which it hopes will rival Google and Amazon.
REUTERS