Former President Donald Trump will launch a new venture containing a social media platform and a video-on-demand streaming service according to an announcement on Oct. 20.
The former president will launch Trump Media & Technology Group after securing a merger agreement with Digital World Acquisition Corp., 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.
The company’s mission, the statement reads, 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.”
The first venture will be the social network, which is named TRUTH Social. The press statement says it will have a beta launch next month and a nationwide rollout in early 2022.
President Trump, the chairman of the new company, said in the release, “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!”
Patrick F. Orlando, who is the chairman/CEO of DWAC, said in the statement, “Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value.”
The video-on-demand service, which it called TMTG+, will featured what the company says is “non-woke” entertainment programming, news, podcasts, and more. The company named Scott St. John as the leader of TMTG+ corporate operations.