Former President Donald Trump announced that his new social media company is planned to officially launch in Spring 2022.
Trump announced the social media platform, called “TRUTH Social,” in a statement.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump said. “We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon.”
“[Trump Media & Technology Group (TMTG)] was founded with a mission to give a voice to all,” Trump added. “I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”
The statement from TMTG added, “Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval.”
“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. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 Million (assuming no redemptions),” it continued.
According to the statement, TMTG’s goal is to create a rival to the Democrat dominated media and fight against “Big Tech.” It said that a beta launch for invite guests would be in November 2021, and the full platform would launch in the first quarter of 2022.
