Former President Donald Trump Announces Launch of Social Media App TRUTH Social
By Space Coast Daily // October 22, 2021
TMTG to become publicly listed company with cumulative valuation of $1.7 billion
PALM BEACH, FLORIDA – Former President Donald Trump announced this week the upcoming launch of his own social media platform, TRUTH Social, which will be available to invited guests in November, according to a statement released by the Trump Media & Technology Group.
The app, which will begin a beta launch for invited guests next month, is expected to make its full debut during the first quarter of next year and is a part of the newly established Trump Media & Technology Group .
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump said in the statement, which can be seen in its entirety below.
Trump’s statement was timed in conjunction with the announcement of a merger between Digital World Acquisition Corp. and TMTG, which will allow TMTG to become a publicly listed company with a cumulative valuation of $1.7 billion.
Trump signed the merger agreement on the night of Oct. 20, and according to Bloomberg, Digital World Acquisition Corp. is a blank-check company created for the purpose of acquiring one or more companies.
Following is Trump’s statement announcing Trump Media & Technology Group:
PALM BEACH, FL October 20, 2021 – 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 result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval.
The transaction values Trump Media & Technology Group at an initial enterprise value of $875 million, with a potential additional earnout of $825 million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 billion depending on the performance of the stock price post-business combination.
Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 million (assuming no redemptions).
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, which have used their unilateral 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 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.
President Donald J. Trump, the Chairman of TMTG, stated, “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. 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!”