Former US President Donald Trump’s new media venture plans to launch its social media app Truth Social on February 21, according to a listing from Apple’s App Store.
Truth Social, Trump Media & Technology Group (TMTG) ‘s alternative to Twitter, is available for pre-order before it goes live on the U.S. Presidents’ Holiday.
Similar to Twitter, the app has features to follow other people and hot topics, according to the demo photos. Its message equivalent to a tweet will be nicknamed “truth”.
The app’s launch is said to come 13 months after Meta Platforms’ Facebook and Twitter banned Trump for encouraging his supporters to participate in the Jan.6 attack on the United States Capitol based on unsubstantiated allegations by widespread fraud in the 2020 presidential election.
On the first anniversary of the attack, US President Joe Biden said Thursday that his predecessor’s false claims could undermine the rule of law and overturn future elections.
TMTG and Apple did not respond to requests for comment, but a source familiar with the matter confirmed that February 21 is the app’s expected launch date.
The launch is expected to be the first of three stages in TMTG’s development. The second would be a subscription-based video-on-demand service called TMTG + with entertainment, news and podcasts, according to the company’s website. A presentation to investors in November indicated that TMTG also wants to launch a podcast network.
TMTG is valued at $ 5.3 billion (roughly Rs.39,430 crore) based on Digital World Acquisition’s share price, which rose 20% after Reuters reported the application list on the App Store. TMTG agreed in October to merge with the blank check company at a valuation of $ 875 million (around Rs. 6,510 crore).
Trump supporters and retail investors have taken over shares of Digital World, betting that Trump’s popularity with his Republican political base will translate into runaway business success.
The blank check acquisition transaction faces a regulatory risk. U.S. Democratic Senator Elizabeth Warren last month asked Securities and Exchange Commission Chairman Gary Gensler to investigate the planned merger for potential breaches of securities laws regarding disclosure. The SEC declined to comment on whether it plans action.
Last month, TMTG raised an additional $ 1 billion (roughly Rs.7,440 crore) from private investors.
Trump canceled a press conference at his Mar-a-Lago, Florida estate that was scheduled for Jan.6, marking the one year anniversary of the attack on the Capitol. He said he would speak at a rally in Arizona on Jan.15 instead.
© Thomson Reuters 2022
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