Former US President Donald Trump announced plans for the launch of “TRUTH Social,” a social media platform for “invited guests” in November.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump, who was banned from Twitter and Facebook in the wake of the Capitol insurrection carried out by his supporters on January 6 this year, was quoted as saying in the statement
“We live in a world where the Taliban has a huge presence on Twitter, yet your favourite American President is silenced. This is unacceptable,” he continued.
The Trump Media & Technology Group will merge with blank check company Digital Acquisition Corp to make TMTG a publicly-listed company, the statement said.
“The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earn-out 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,” it stated.
In May, Trump had launched a blog called “From the Desk of Donald J. Trump,” which was touted as a major new outlet, but canceled it a month later.