“I created TRUTH Social and TMTG (Trump Media & Technology Group) to stand up to the tyranny of Big Tech,” Trump said in a statement on October 21, 2021, released by spokeswoman Liz Harrington on Twitter. “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.”
Trump was famously suspended from Twitter and Facebook after the January 6 riots. Since that time, he has largely been using his website to communicate online.
People can sign up for TRUTH Social’s waiting list at the platform’s website. “Truth Social is America’s ‘Big Tent’ social media platform that encourages an open, free, and honest global conversation without discriminating against political ideology,” the page says with the phrase “FOLLOW THE TRUTH” in large letters. Read its terms of service here.
Here’s what you need to know:
1. TRUTH Social Will Have a Limited Launch at First
According to the statement, TRUTH Social is part of the newly created Trump Media & Technology Group. It will launch in November 2021 “for invited guests,” and fully in the first quarter of 2022, Fox News reported.
“I am excited to send out my first TRUTH on TRUTH Social very soon,” Trump added. “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!”
Trump Media & Technology Group and Digital World Acquisition Corp. 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 statement says.
2. TRUTH Social Is Valued at Up to $1.7 Billion
According to the Trump statement, the transaction values the group at $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,” the statement says.
“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. This is unacceptable. I am excited to send out my first TRUTH or 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!”
The TMTG’s growth plans initially “will be funded by DQAC’s cash in trust of $293 Million (assuming no redemptions),” the statement says.
3. Donald Trump Jr. Says, ‘We’re Going to Cancel Cancel Culture’
The president’s son is touting the new social media network. Donald Trump Jr. told Sean Hannity on Fox News, “Well, Sean it’s a big deal. For so long big tech has suppressed conservative voices.” He said that conservatives have been demonetized and placed in “Facebook jail.”
He said that the Trumps are trying to create a “big tent.” TRUTH Social is a platform “for everyone to express their feelings.”
He added, “We’re going to be in beta testing in the next few weeks…it’s going to be exciting and we’re looking to give a voice back to the American people. You saw what they did… we’re going to cancel cancel culture…I think America has been waiting for this…to return our voice back to those who need it and want it.”
He said they “want a discourse among everyone” not just a one-sided discourse.
4. Reaction to TRUTH Social Was Divided
The reaction to TRUTH Social broke down along political lines. Some people praised it; some people mocked it.
“Today Trump announced the launch of his new social media platform TRUTH social. In other news OJ Simpson has announced the launch of his cellular network DEFINITELY NOT A MURDERER mobile,” wrote one Trump critic.
However, others praised the new Trump venture.
5. A Few Details Have Come Out About Other People Involved in the Social Media Venture
“The SPAC is led by Patrick Orlando, who has raised several SPACs but has yet to successfully use one to take a company public. He did have one deal signed, with a company called Giga Energy, but it was called off before being consummated,” Axios reported.
A streaming service called TMTG+ will be helmed by Scott St. John, former executive producer of “Deal or No Deal’ and “America’s Got Talent,” according to Axios.