Trump Announces His Own Social Network TRUTH and a ‘Non-Woke’ Streaming Service
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Donald Trump is setting up his own social network and streaming service.
Trump Media & Technology Group, which the world found out is a thing on Wednesday night, announced it is entering into a merger and will “create a rival to liberal media consortium and fight back against the ‘Big Tech’ companies.”
Trump Media said it is merging with Digital World Acquisition Corp., thereby “providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company.”
The press release read in part:
President Donald J. Trump, the Chairman of TMTG, stated, “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 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!”
The press release also promises “to launch a subscription video on demand service (TMTG+). TMTG+ will feature ‘non-woke’ entertainment programming, news, podcasts, and more.”
Digital World Acquisition Corp. is a special purpose acquisition company (SPAC), which have become increasingly popular over the last few years. SPACs have no actual operations beyond raising money via initial public offerings of companies it “merges” with.
A normal IPO is heavily regulated and can take a year or longer to materialize. Major disclosures are required to banks and regulators. It’s a costly process that involves paying attorneys and financial institutions. SPACs, however, are less burdensome and allow the companies they merge with to receive a faster and more opaque avenue to an IPO.
SPACs have come under increasing public scrutiny as the number of shareholder class action lawsuits against SPACs has risen, even as overall securities suits have declined. Some have even called SPACs a “scam.”
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