Former US President Donald Trump has announced plans to launch a new social network called TRUTH Social. He said the platform would “stand up to the tyranny of Big Tech,” accusing them of silencing the opposing voices in the US.
Mr. Trump was very active on social media, especially on Twitter, which was his favorite means of communication as President. But he was banned from Twitter and suspended from Facebook after his supporters stormed the US Capitol in January this year due to “the risk of further incitement to violence.” Then other platforms such as YouTube, Snapchat, and Instagram also banned the former President. Since then, he and his advisers have hinted that they are planning to create a rival social media site.
To continue communicating with his supporters even after being expelled from the main social networks, in early May, Trump had begun to make himself heard through “From the Desk of Donald J Trump, which was often referred to as a blog. The website was permanently shut down less than a month after it launched after attracting only a fraction of the audience he would have expected through established sites.
The new social network, TRUTH Social, will belong to the Trump Media & Technology Group (TMTG), an American media and technology company founded in February 2021 by the former President. The official launch should only take place in early 2022, but it plans to begin its Beta Launch for invited guests in November this year – the app is already available for pre-order from the Apple App Store.
“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,” said Trump. “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!”
In addition to the new social network, TMTG also plans to launch a subscription video-on-demand service (TMTG+), which will feature ‘non-woke’ entertainment programming, news, podcasts, and more. The programming will be led by Scott St. John, executive producer of “Deal or No Deal” and “America’s Got Talent.”
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.