Former President Donald Trump to launch social network and video streaming service – The North State Journal
Former President Donald Trump will launch a new business containing a social media platform and video-on-demand streaming service, according to an October 20 announcement.
Former President To Launch Trump Media & Technology Group After Closing A Merger Agreement With Digital World Acquisition Corp., Containing A Business Combination That Will Make Trump Media & Technology Group A Public Company, Subject To Approval regulatory authorities and shareholders. The transaction values ââTrump Media & Technology Group at an initial enterprise value of $ 875 million.
The company’s mission, the statement said, is to create a rival to the “liberal media consortium and to fight the” big tech “companies of Silicon Valley, which have used their one-sided power to silence opposing voices in America. “.
The first company will be the social network, named TRUTH Social. The press release says there will be a beta launch next month and a nationwide rollout in early 2022.
President Trump, chairman of the new company, said in the statement, âI created TRUTH Social and TMTG to resist the tyranny of Big Tech. We live in a world where the Taliban have a strong presence on Twitter, but your favorite US president has been silenced. This is unacceptable. I am delighted to send my first TRUTH on VÃRITÃ Sociale very soon. TMTG was founded with the mission of giving everyone a voice. I’m excited to start sharing my thoughts on TRUTH Social and tackling Big Tech soon. Everyone asks me why nobody stands up to Big Tech? Well, we will be soon!
Patrick F. Orlando, CEO of DWAC, said in the statement, âDigital World was created to create value for public shareholders and we believe TMTG is one of the most successful business combination partners. more promising to achieve this goal. Given the overall 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 he called TMTG +, will feature what the company says is ânon-awakenedâ entertainment programming, news, podcasts, and more. The company has appointed Scott St. John to lead TMTG + corporate operations.