Former US President Donald Trump who was banned from Twitter announces the launch of a new social media platform.
Trump Media and Technology Group, former President Donald Trump’s company, announced on Wednesday the launch of a new social network named TRUTH Social. A beta version will be available to invited guests in November and a nationwide rollout is expected in the first quarter of 2022, according to a press release.
Aaron Parseghian
@AaronParseghian “Former President Trump will be launching a new social network named “TRUTH Social.”
It will be a part of a new publicly traded company named “Trump Media and Technology Group.”
Former President Trump will be launching a new social network named "TRUTH Social."
It will be a part of a new publicly-traded company named "Trump Media and Technology Group." pic.twitter.com/Tso6HMGGPS
— Aaron Parseghian (@AaronParseghian) October 21, 2021
Moshe Schwartz
@YWNReporter
#BREAKING: Former President Trump to launch new social media service including an app called ‘Truth.
#BREAKING: Former President Trump to launch new social media service including an app called 'Truth.' pic.twitter.com/cJWtAAdfxA
— Moshe Schwartz (@YWNReporter) October 21, 2021
The company says its mission is to “create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley.”
After Donald Trump was banned on Trump was banned from the many social media platforms— Twitter, Facebook and YouTube— after his supporters stormed the Capitol earlier this year, there were concerns that he might further incite the mob with his continued presence on social media.
He is now set up to launch his own social network months after being banned by social medial companies following the January 6 Capitol Hill riots, and is to call his own social networking platform “TRUTH Social.”
The platform will be owned by Trump Media & Technology Group (TMTG), which also intends to launch a subscription video on-demand service that will feature “non-woke” entertainment programming, the group said in a statement.
“I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all,” Trump said in a statement on Wednesday.
Trump said that Truth Social would “stand up to the tyranny of Big Tech”. The platform will be available through an app on the Apple Store as a beta version for trial by “invited guests” in November and the company expects a full rollout in the first quarter of 2022.
He said, “We live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President has been silenced. This is unacceptable.”
The Trump Media & Technology Group will merge with blank check company Digital Acquisition Corp to make TMTG a publicly-listed company, the statement said.
“The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 billion depending on the performance of the stock price post-business combination,” it stated.
YouTube said its ban would be lifted after the “risk of violence” decreases, Facebook said Trump could come back to the platform at the soonest in 2023 and Twitter said its ban would be permanent.
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Since then, Trump has been trying to reclaim his space on social networking sites.
In May he launched a blog called “From the Desk of Donald J. Trump,” which was touted as a major new outlet.
But Trump, who was also banned from Instagram, and Snapchat, canceled the blog just a month later.
He has been communicating through a constant stream of press releases with tweet-like statements to the media and supporters.