Trump plans to launch own social network to 'stand up to tyranny of big tech'text_fields
Washington, United States: Months after he was booted from virtually every large social network in the wake of the U.S. Capitol riot, former US President Donald Trump has announced plans Wednesday to launch his own social networking platform called "TRUTH Social."
The beta launch of the platform for "invited guests" is expected to begin from next month.
The long-awaited platform will be owned by Trump Media & Technology Group (TMTG), which also intends to launch a subscription video on-demand service that will feature "non-woke" entertainment programming, the group said in a statement.
As per reports, the social media platform is being created so that Trump can share his message with the people of America and to provide an opportunity for other people to weigh in and communicate in a free format without fear of reprisal or being cancelled.
"I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech," Trump, who was banned from Twitter and Facebook in the wake of the Capitol insurrection carried out by his supporters on January 6 this year, was quoted as saying in the statement.
"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," he continued.
The Trump Media & Technology Group will merge with blank check company Digital Acquisition Corp to make TMTG a publicly-listed company, the statement said.
"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," it stated.
Ever since he was banned from the world's dominant social networks as punishment for stirring up the mob that ransacked Congress on January 6, Trump has been looking for ways to reclaim his internet platform.
In May he launched a blog called "From the Desk of Donald J. Trump," which was touted as a a major new outlet.
But Trump, who was also banned from Instagram, YouTube and Snapchat in the wake of the Capitol mayhem, canceled the blog just a month later.
Former Trump aide Jason Miller launched a social network called Gettr earlier this year, but the former president has not yet joined it.