President Donald Trump announced on Wednesday, a new social media company that he plans to officially launch in Spring 2022;
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump said in a statement. “We live in a world where the Taliban has a huge presence on Twitter, 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,” he added. “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!”
The statement from Trump Media & Technology Group added:
Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, 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, 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. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 Million (assuming no redemptions).
- The statement said that a beta launch would take place for invited guests in November 2021, and that a nationwide launch is expected in the first quarter of 2022.