Former US President Donald Trump had a very loud social media presence on Twitter but ever since he was banned from the microblogging website for posting false information, he has now announced plans to launch his own social network.?
The network named "TRUTH Social" will be owned by Trump Media & Technology Group (TMTG). Its beta launch will be for "invited guests" only next month. In fact, it is already available for pre-order in Apple's App Store, according to the group. Other than this, TMTG also wants to launch a subscription video on-demand service that will provide its users with 'non-woke' entertainment programming. It will be led by?Scott St. John, an executive producer from "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," said Trump.
"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," he added.
The Trump Media & Technology Group will merge with blank check company Digital World Acquisition Corp (DWAC) to make TMTG a publicly listed company, said the statement.
"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."Given the total addressable market and President Trump's large following, we believe the TMTG opportunity has the potential to create significant shareholder value," DWAC chief Patrick Orlando said in the statement.