Donald Trump Announces New Social Media Platform 'TRUTH'

Donald Trump has a new social network 'TRUTH' which is scheduled for a beta launch next month and a full launch in the first quarter of 2022; it is the first of three stages in the company's plans. This is what you need to know. TRUTH Social will be created through a new company formed by the merger of Trump Media and Technology Group and a special acquisition company (SPAC), according to a press release distributed by both organizations.

Trump said in a written statement, "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 said, "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. I'm excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech."

The social network, scheduled for a beta launch next month and full rollout in Q1 2022, is the first of three stages in the company's plans, followed by a video-on-demand subscription service called TMTG that will feature entertainment, news. and podcasts, according to the press release. In a slideshow on its website, the company plans to eventually compete against the AWS cloud service from Amazon.com and Google Cloud. A Trump representative who declined to be named confirmed the content of TMTG's press release to Reuters. Trump's spokeswoman Liz Harrington also tweeted a copy. Twitter, Facebook and other social media platforms banned Trump from his services after hundreds of his supporters rioted in the United States Capitol on January 6.

That protest came after a speech by Trump in which he falsely claimed that his defeat in the November election was due to widespread fraud, a claim rejected by multiple courts and state election officials. The deal will include Trump Media & Technology Group on Nasdaq through a merger with Digital World Acquisition Corp, a blank check acquisition firm led by former investment banker Patrick Orlando.

Trump Media & Technology Group will receive $ 293 million in cash held in trust by Digital World Acquisition Corp, assuming no shareholder of the acquisition firm chooses to trade their shares, according to the statement. The deal values ​​Trump Media & Technology Group at $ 875 million, including debt, according to the press release.