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| Donald Trump Launches Social Media Platform TRUTH |
Former US President Donald Trump is preparing to launch his own social media app, TRUTH Social, which he believes is preventing major tech companies such as Twitter and Facebook from using its platform.
According to press releases from the two organizations, TRUTH Social was formed by a new company that grew out of the merger of Trump Media and Technology Group and private acquisition firm SPAC.
“We live in a world where the Taliban are taking center stage on Twitter and your favorite President of the United States is silenced,” Donald Trump said in a written statement. This is unacceptable.
He added, "I'm so excited to be able to post my first Social TRUTH fact soon. TMTG was founded with the goal of giving a voice to everyone. I'm so excited to be able to soon be able to share my own perspectives on social truth and the battle with big tech companies."
The social network plans to launch a beta version next month and it will be ready to be fully operational in the first quarter of 2022, the first of three phases in the company's plans. The second is a video-on-demand subscription service called TMTG+ which offers entertainment, news and podcasts.
In the slides on its website, the company plans to compete with AWS Cloud and Amazon's Google Cloud.
"Big tech companies have always suppressed conservative voices," the son of former President Donald Trump Jr. said in an interview with Fox News. My father signed the final merger agreement and founded Trump Media and Technology Group and TRUTH Social, a platform where anyone can express their feelings.
Donald Trump wants to fight tech companies
Twitter, Facebook and other social media platforms have banned Trump from using their services. This was after hundreds of his followers rioted in the United States Capitol on January 6.
The protest came after Trump's speech. He falsely claimed that his failure in the November elections was due to widespread fraud. Several courts and election officials have rejected this request.
The deal was merged with Digital World Acquisition and Trump Media and Technology Group was listed on Nasdaq. It is a private acquisition of SPAC headed by former investment banker Patrick Orlando.
The deal valued Trump Media and Technology Group amounted to 875 million dollars. The potential incremental gain from additional shares is $825 million and the cumulative valuation is $1.7 billion.