Trump announces social media platform launch plan, SPAC deal

Former President Donald Trump introduced Wednesday he will likely be launching his very personal media community, together with a social media platform referred to as "TRUTH Social," with a view to "stand up to the tyranny of Big Tech."

The app seems to be the primary venture of the Trump Media and Technology Group (TMTG), which can checklist on the Nasdaq via a merger with Digital World Acquisition Group, based on an announcement tweeted out by spokeswoman Liz Harrington. The transaction values TMTG at as much as $1.7 billion, Harrington stated.

The new firm, which lists Trump's non-public membership membership Mar-A-Lago as its tackle, will likely be chaired by the previous president, who says that this "group's mission is to create a rival to the liberal media consortium."

"We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American president has been silenced," Trump claimed.

Trump was notoriously banned by main social media giants earlier this yr, following his posts associated to the January 6 riots on the United States Capitol Building.

The transfer doesn't come as a complete shock. Trump and his workforce of advisors have dropped hints for months that he would possibly launch his personal social media app to rival Facebook and Twitter.

According to the press launch, TRUTH Social is at the moment out there for pre-order within the Apple App retailer, and a beta model will likely be out there to invited visitors beginning in November 2021. A nationwide rollout is anticipated within the first quarter of 2022, the discharge stated.

The launch additionally famous TMTG intends to launch a subscription video-on-demand service which might would characteristic "non-woke" leisure programming, information and podcasts. 

For those that register on-line to obtain emails from TMTG, the phrases of service require that customers signal away their proper to file a category motion.

Digital World Acquisition Group has not but filed something with the Securities and Exchange Commission about this merger.

— CNBC's Christina Wilkie contributed to this report.

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