In a press release on Wednesday, President Trump announced the creation of the “Trump Media & Technology Group” along with “TRUTH Social.”
“Trump Media & Technology Group’s mission is to create a rival to the liberal media consortium and fight back against the “Big Tech” companies of Silicon Valley,” the press release reads in part.
“TMTG will soon be launching a social network, named “TRUTH Social,” the press release continues. “TRUTH Social is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A Nationwide rollout is expected in the first quarter of 2022. Those who are interested in joining TRUTH Social may now visit www.truthsocial.com to sign up for the invite list.”
The statement refers to President Trump as “the Chairman of TMTG” and quotes him saying, “I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. 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,” he continued. “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. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”
The press release also outlined that the new company is merging with Digital World Acquisition Corp. (DWAC) and estimates the company value to be $875 million.
DWAC Chairman/CEO Patrick Orlando is quoted saying, “Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose.”
He continued, “DWAC currently has $293 Million in trust, assuming minimal redemptions, which can fuel TMTG’s scale up, including to provide world class leading technology services to build strong and secure social networks and vierse media offerings. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value.”
The press release also announced the coming launch of a “subscription video and on demand service” called “TMTG+” that will feature “non-woke entertainment programming, news podcasts, and more.” TMTG+ will be headed up by Scott St. John who is best known as the Executive Producer of “Deal or No Deal” and “America’s Got Talent.”
“Please visit TMTG’s corporate website at www.tmtgcorp.com for a Company Overview, and a video tour of TRUTH social,” the press release concludes.
Truth Social is America’s “Big Tent” social media platform that encourages an open, free, and honest global conversation without discriminating against political ideology.