Former President Donald Trump is all set to unveil his new social-media application 'TRUTH Social on February 21, 2022. The app is going to be available for all iOS users, as it's already listed on the App Store to download. The application was designed by T Media Tech LLC or Trump Media and Technology Group (TMTG).
Meanwhile, Digital World Acquisition Corp, a SPAC company that is taking TRUTH Social public, witnessed a 20 percent spike in the stock price at the time of close on the Trading day, Thursday. This happened after the public announcement of Trump's social media platform going live in Feb 2022.
What is Digital World Acquisition Corp?
Digital World Acquisition Corp (DWAC) is basically a blank-check or (SPAC) Special-purpose acquisition company. Patrick Orlando is the Chairman and CEO of the company. Being an acquisition company, they deal with aspects like mergers, asset acquisitions, stock purchases, capital stock exchange, reorganizations, raising capital through IPOs, etc.
In September, the Digital World company went public by finishing its IPO and raising roughly around $293 million. In October, Trump made a couple of announcements - one, that he'll be starting his own social media platform called "TRUTH Social", and two, his new company, Trump Media & Technology Group (TMTG) entering into a merger with the Digital World Acquisition Corp (DWAC). In December, both the companies called for a definitive merger, raising $1 billion upon the completion of the deal.
Former President Donald J. Trump, Chairman of TMTG, stated, "$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech."
Patrick Orlando, Chairman and CEO of Digital World Acquisition Corp., commented, "Our focus on delivering public shareholder value drives our decision-making and by accepting these commitments for a strategic infusion of growth capital, we believe the combined company can grow on an incredibly strong foundation. The liquidity that will be provided to the combined company balance sheet, in excess of the up to $293 million (less expenses) that DWAC may provide, should fortify the strategic positioning of TMTG.
He further said, "I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns."
TRUTH Social Features
The main objective of building this social media network is to pull down the curtains of fakeness and concealed lies and manifest the truth to the outside world by sharing prompt stories in the form of photos, videos, links, etc.
Reuters reported first that the app is going to be listed on the App Store. The concept of TRUTH Social is much the same as Twitter. You can take a peak at the snapshots posted in the App Store.
You can see an array of features on the app like the trending section, people, posts, replies, media, likes, reposting other posts, chat, finding your friends, what's really happening, and many more other features to explore. You can pre-order the app on February 21st, 2022, i.e. on Presidents' Day, a federal holiday.
Who is Behind Digital World Acquisition Corp?
Devin Nunes, the former United States representative, will be taking charge as the Chief Executive Officer (CEO) of TRUTH Social. Digital World Acquisition Corp, also reaffirmed a $1B PIPE deal for Trump's social media platform. TRUTH Social is publicized as a substitute to other social media platforms like Facebook and Twitter.
Well, both the aforementioned platforms have vetoed former United States President, Donald Trump following the Capital Hill riots issue that happened on January 6. This propelled Trump to launch his own social media network, TRUTH Social.
Deal Between Trump Media and DWAC
In October 2021, when Digital World Acquisition Corp and Trump Media & Technology Group strike a merger deal, the shares of DWAC increased very steeply from about $10 to $175 per share. However, later, the price of DWAC plummeted in the following months.
On Thursday, the per-share value of DWAC closed at $60.27. About the launch of the long-awaited TRUTH Social app, the official website said that there'll be three stages in the making. As you know about the first stage, the next stage is called "TMTG+". It's a subscription-based video-on-demand service that includes entertainment, news, and podcasts.