Skip to main content

Rachel Maddow reviews the series of Donald Trump's embarrassing failures at creating his own internet properties in the wake of his excommunication from social media, and reports on the latest venture, replete with typical Trumpian gaffes but also set up as a vehicle for his supporters to give him money.

 


What we’ve been waiting on is finally here. President Trump just announced a new media and technology group called “Trump Media & Technology Group” and they are launching a new social media alternative called “TRUTH Social” to fight against the tyranny of Big Tech:

The former president said his social media platform would be publicly traded following a merger between the newly formed Trump Media & Technology Group and DWAC. Dubbed "Truth Social," the platform is set to debut a beta version in November and roll out nationwide during the first quarter of 2022.

Once the merger is complete, Trump Media & Technology Group will have an initial enterprise value of $875 million. Trump’s personal stake in the company was not immediately clear. 


Inquiries by FOX Business to TMTG and Digital World Acquisition Corp. were not immediately returned. 


Trump was banned from prominent platforms such as Facebook, Twitter and YouTube following the Jan. 6 Capitol riot. The companies argued the former president had violated their policies against inciting violence.


Trump said he started his social media initiative 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," Trump said in a statement. "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!"


SPACs, or special purpose acquisition companies, have gained popularity in recent months as a method to quickly take a company public without a traditional initial public offering. SPACs are formed to identify acquisition targets that align with their interests.


DWAC's trading volume is the largest for a SPAC merger announcement on record based on available announcement data from SPAC Research, per Dow Jones Market Data Group. 

"Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose," DWAC Chairman and CEO Patrick F. Orlando said in a statement. Orlando is a former executive at Deutsche Bank.

Comments

Popular posts from this blog

NBC Washington Correspondent Yamiche Alcindor and former U.S. Attorney Barbara McQuade join Andrea Mitchell to discuss key challenges facing the January 6 Committee ahead of their primetime hearings this week: getting a "distracted nation" to pay attention and understand what's at stake. “I think the biggest challenge for lawmakers here, as they talk about these sort of huge ideas of American democracy and sort of the experiment that we're all living in, benefiting from, possibly being brought to his knees, is whether or not they can make people care,” says Alcindor. “The American public has been groomed to expect high value quick entertainment,” says McQuade. "I think putting together a polished show can be very important."

Cuomo, Lemon discuss Trump's comments on race

AOC calls out Times Square billboard criticism for Amazon snub on Twitter and shows who exactly is funding the billboards.