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10/21/21, October 21, 2021 WIB
Last Updated 2021-10-21T20:28:02Z
Donald Trumpdonald trump newstrending storiestruth social

Donald Trump A Former US President Launches “TRUTH’ Social Media Platform!

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Donald Trump A Former US President Launches “TRUTH’ Social Media Platform!

The former US President Donald Trump shall launch his own social media App, TRUTH social that he said would stand up to the big tech companies such as Twitter and Facebook that have barred him from their platforms.

According to a press release, TRUTH social will be created through a new company formed by a merger of the Trump Media and Technology Group and a special acquisition company (SPAC) distribution by both.

In the same release, Trump said that "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." He added “I am excited to send out my first TRUTH on TRUTH social very soon. TMTG was founded with a mission to begin sharing my thoughts on TRUTH social and to fight back agonist Big Tech.

The social network set for beta launched next month and full rollout in the first quarter of 2022, is the first of three stages in the company’s plans followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news, and podcasts, according to a news release. In a slide deck on its website, the company envisions eventually competing against Amazon. coms AWS cloud service and Google Cloud.

Trump's representative who declined to be named confirmed the contents of the TMTG news release to Reuters. Trump spokesperson Liz Harrington also tweeted a copy. Trump's son Donald Trump Jr told Fox News that "for so long, big tech has suppressed conservative voices" tonight my father signed a definitive merger agreement to form what will ultimately be the Trump Media and Technology Group and TRUTH social, a platform for everyone to express their feelings.

Twitter, Facebook banned Trump from their services after hundreds of his supporter's rioted at the US capitol on January 6. That protest came after a speech by Trump in which he falsely claimed that his November election loss was due to widespread fraud, an assertion rejected by multiple courts and state election officials. The deal will list Trump Media and Technology Group on NASDAQ through a merger with Digital World. Acquisition Corp, a blank-check acquisition firm led by former investment banker Patrick Orlando.

According to the statement, Trump Media and Technology Group will receive $293M in cash that Digital World Acquisition Corp had trust in, assuming no shareholder of the Acquisition firm chooses to redeem their shares. Orlando who has worked at Deutsche Bank and BT Capital Markets has launched at least four SPACs and has plans for two more according to his firm’s website and regulatory filings but none of the SPACs have completed a deal yet.

A China-based SPACS THAT Orlando let failed last month to complete a merger with Giga Energy inc that world has valued the transportation solutions provider at $7.3bn because it couldn't deliver the cash required according to regulatory filings.

Shareholders' redemptions reduce the amount of cash that Digital World Acquisition Corp Will have available to five to Trump Media and Technology Group at the closing of the deal. In a statement, the company said that completion of the merger is subject to redemptions not exceeding an agreed minimum cash requirement. The statement did not disclose what the requirement is though that detail is typically contained in a regulatory filing that should follow on Thursday.

According to the news release, the deal values Trump Media and Technology Group at $875m including debt.