New York: Former President Donald Trump said he would launch a new media company with his own social media platform nine months after being expelled from social media for inciting a riot in the Capitol on January 6. ..
Mr. Trump said his goal in launching the Trump Media & Technology Group and its “Truth Social” app is to keep him out and create rivals for big tech companies that have denied the most important megaphone to his national rise. Say that.
“We live in a world where the Taliban have a big presence on Twitter, but your favorite US president is silent,” he said in a statement. “This is unacceptable.”
Conservative voices actually work well on traditional social media. On Wednesday, half of Facebook’s top 10 link posts were conservative media, commentators, or politicians, according to a daily list compiled by New York Times tech columnist and internet studies professor using Facebook’s own data. It was from.
Mr. Trump has been talking about launching his social media site since he was locked out of Twitter and Facebook. Previous efforts to launch a blog on his existing website were abandoned after the page looked disastrous.
TMTG does not set that goal low. In addition to the Truth Social app, which will be rolled out nationwide early next month, the company said it plans a video-on-demand service called TMTG + that features entertainment programming, news and podcasts.
One slide of the TMTG presentation on the website contains graphics of TMTG’s potential competitors, from Facebook and Twitter to Netflix, Disney + to CNN. The same slide suggests that TMTG will also be the power of cloud computing and payments in the long run, facing Amazon, Microsoft, Google and Stripe directly.
TMTG also takes some jabs on Trump’s previous favorite social network. The slides that accompany the Truth Social pre-order list on Apple’s app store represent a social network that looks a lot like Twitter, leading to short messages and user handles preceded by the “@” symbol. Until.
The same graphic also includes a user named Jack’s Beard. When an employee pushes back an order to delete a user and his post, the user smokes in one image, calling it “a little overkill.” The Jack’s Beard account uses handle @jack, which is Dorsey’s handle on Twitter. Dorsey’s long, jerky beard also attracted attention during his congressional appearance on Zoom.
Truth Social’s Terms of Service, on the other hand, states that users may irritate or otherwise harass employees of the site or, in our opinion, slander, hurt or otherwise harm us or the site. Forbidden. It was not immediately clear who the “us” in the statement was referring to.
In its release, the new venture announced that it was founded in a merger with Digital World Acquisition Corp. and said it aims to become a publicly traded company.
Miami-based DWA is a special purpose acquisition company (SPAC). Such listed companies are designed to list the shares of private companies faster than traditional initial public offerings. In fact, it means that the SPAC will acquire a private company and change its name and other details to that of the acquired company.
SPAC will pay for the acquisition in cash provided by the investor who purchased the initial public offering of SPAC. According to a submission to the Securities and Exchange Commission, DWA’s September 8 IPO raised $ 287.5 million.
DWA said it has raised approximately $ 293 million in cash to use to grow TMTG’s venture. According to SEC Filing, among the company’s largest shareholders are Lighthouse Investment Partners, DE Shaw & Co. There are several institutional investors such as Radcliffe Capital Management.
According to the release, the transaction has an initial corporate value of $ 875 million, taking into account the total of corporate liabilities and assets.
Trump announces launch of his own social media site, Truth Social
Source link Trump announces launch of his own social media site, Truth Social