Meet Truth Social: Trump’s Take on Big Tech
Former U.S. President Donald Trump is about to hit the social‑media scene with his own platform, Truth Social. The move comes after he was banned from Twitter and Facebook following the January 6 Capitol incident.
Why the Big Move?
“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,” Trump wrote, sparking a new business venture that he says will give a voice to “all.” He’s excited to start posting “truth” on his new app before Big Tech can shut him down again.
Launch Timeline
- Beta release is slated for next month.
- Full rollout planned for the first quarter of 2022.
What Comes Next?
After the social network, TMTG will roll out a subscription video‑on‑demand service called TMTG+. The service is slated to feature entertainment, news and podcasts—essentially a “one‑stop shop” for conservatives willing to keep their voices loud.
Behind the Scenes: The Deal
Truth Social’s birth will be led by a merger between Trump Media & Technology Group (TMTG) and a special purpose acquisition company (SPAC) called Digital World Acquisition Corp. The deal will lace up TMTG for a Nasdaq listing with a valuation of roughly US$875 million, including debt.
Key Deal Facts
- TMTG receives US$293 million in cash from Digital World Acquisition Corp.
- Patrick Orlando, a former Deutsche Bank investment banker, heads the SPAC.
- Approval will hinge on shareholder redemptions staying below a minimum cash threshold.
Future Ambitions
According to a slide deck on TMTG’s website, the company aims to eventually rival Amazon’s AWS and Google Cloud, making Truth Social a go‑to hub for content and cloud infrastructure.
What the Media Are Saying
Donald Trump Jr. said to Fox News that “Big Tech has suppressed conservative voices.” He also confirmed that the merger agreement will soon “form what will ultimately be the Trump Media and Technology Group and Truth Social—a platform for everyone to express their feelings.”
While the plan looks bold, it remains to be seen whether the SPAC can deliver the cash needed—why digital companies like these keep offering their wholesomeness before the stakes mix up.
