Donald Trump has come up with a solution to being banned from Twitter (TWTR) and other social media.
He's creating his own social media venture, Truth Social, with the mottos: "No Political Discrimination," "Canceling Cancel Culture," and "Standing Up to Big Tech."
The former President is chairman of Trump Media & Technology Group, which is launching the social media network and plans to go public in a merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC) .
It's no coincidence then that Truth Social is reportedly set to launch Monday on Presidents’ Day from the Apple App Store.
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A chief product officer for Truth Social on Friday posted a message on a beta test version that Trump’s new social media app would be available Monday in the Apple App store, according to a Reuters report.
Truth Social Undergoing Beta Testing
Truth Social has already offered a beta version of the app to potential users, according to Thursday discussions in the Apple App Store support field. Users having difficulty with the beta version of Truth Social have been directed to contact an app developer in Apple Support.
The new social media network's stated mission is to "create a rival to liberal media consortium and fight back against 'Big Tech' companies of the Silicon Valley," according to a company statement.
Potential users have been able to preorder the app in the Apple App Store since October, the statement said, and the beta test was set to launch in November, with rollout planned for the first quarter of 2022.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech," Trump said in an October statement announcing the SPAC merger. "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!”
TMTG Plans Video On Demand Service
In addition to Truth Social, the company plans to launch a subscription video on demand service, TMTG+ that will feature "non-woke" entertainment programming, news and podcasts, the statement said.
In January, Republican Devin Nunes resigned after nearly two decades the House of Representatives to become CEO of TMTG.
Trump launched his social media company after he was banned from major social media platforms, including Twitter and Meta Platforms' (FB) Facebook, for his role in the Jan. 6, 2021, storming of the Capitol building in a failed effort to overturn his election defeat to President Joe Biden.
The proposed SPAC merger would create a public company with an initial enterprise value of $875 million and a potential $825 million additional earnout for a cumulative valuation of $1.7 billion, depending on the stock price post-business combination, according to a company statement. The company would receive $293 million in DWAC's trust account upon closing of the merger.
The company also reportedly raised $1 billion from private investors, which will also be available on closing of the deal.
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