22 October 2021
Posted: 22 October 2021
Update: 9:23 a.m.
KUSI press room
The 45th President of the United States, Donald Trump, has announced the launch of a new social media platform which he calls TRUTH Social.
A press release says:
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 make Trump Media & Technology Group a publicly traded company, subject to regulatory and shareholder approval. .
The transaction values Trump Media & Technology Group at an initial enterprise value of $ 875 million, with a potential earn-out of $ 825 million in additional shares (at their assigned valuation) for a cumulative valuation of up to reach $ 1.7 billion depending on the performance of the stock price after the business combination. Trump Media & Technology Group’s growth plans will initially be funded by DWAC trust money of $ 293 million (assuming there are no buyouts).
The mission of Trump Media & Technology Group is to create a rival to the liberal media consortium and to fight against the “big tech” companies of Silicon Valley, which have used their one-sided power to silence opposing voices in America.
Trump Media & Technology Group (“TMTG”) will soon be launching a social network, named “TRUTH Social”. TRUTH Social is now available for pre-order from the Apple App Store. TRUTH Social plans to begin its guest beta launch in November 2021. Nationwide rollout is expected in the first quarter of 2022. Those interested in joining TRUTH Social can now visit www.truthsocial.com to register for the invitation list. .
President Donald J. Trump, Chairman of TMTG, said, “I created TRUTH Social and TMTG to resist the tyranny of Big Tech. We live in a world where the Taliban have a strong presence on Twitter, but your favorite US president has been silenced. This is unacceptable. I am delighted to send my first TRUTH on VÉRITÉ Sociale very soon. TMTG was founded with the mission of giving everyone a voice. I’m excited to start sharing my thoughts on TRUTH Social and tackling Big Tech soon. Everyone asks me why nobody stands up to Big Tech? Well, we will be soon!
Patrick F. Orlando, Chairman and CEO of DWAC, said, “Digital World was created to create value for public shareholders and we believe TMTG is one of the most promising business combination partners for reach this goal. DWAC currently holds $ 293 million in trust, assuming minimal buybacks, which may fuel TMTG’s expansion, especially to provide leading technology services to build strong and secure social networks and various media offerings. Given the overall addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value. “
In addition, TMTG intends to launch a subscription video on demand service (TMTG +). TMTG + will feature “non-awakened” entertainment, news, podcasts and more. TMTG has appointed Scott St. John to lead TMTG + corporate operations. Scott St. John is the executive producer of “Deal or No Deal” and “America’s Got Talent” and has produced over 1,000 hours of network and cable television.
Please visit TMTG’s corporate website at www.tmtgcorp.com for a corporate overview and video tour of TRUTH Social.
Social media expert Owen Video discussed Trump’s new social network on KUSI’s Good Morning San Diego.
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