Former United States President Donald Trump has recently announced his plans to launch his own social media company with its own social media platform following Facebook and Twitter banning the Republican businessman from their sites.
The social media ban that hit Trump was primarily due to his alleged role in inciting the Jan. 6 Capitol insurrection. The former president's announcement revealed that his goal was the launching of the Trump Media & Technology Group (TMTG).
Trump's Social Media App
The "Truth Social" app aims to create a rival to the Big Tech companies that have banned Trump and denied him a platform to speak his conspiracy theories. In a statement, Trump said that the world has become a place where the Taliban has created a huge presence on Twitter but President Joe Biden has been largely silent.
However, data showed that conservative voices actually have a good track record on traditional social media. Half of Facebook's 10 top-performing link posts on Wednesday were from conservative media, commentators, or politicians. The information was gathered from Facebook's own data and compiled by a New York Times technology columnist and an internet studies professor, Yahoo News reported.
Trump expressed his excitement to send out his first "Truth" on the social media app to launch in the first quarter of 2022. The Republican argued that TMTG was founded with the goal of giving a voice to every single person.
The social network is scheduled to hold a beta launch next month and aims to have a full rollout early next year, which marks the first of three stages to the company's plans. It would then be followed by a subscription video-on-demand service called TMTG+ that will have additional features, including entertainment, news, and podcasts, a news release revealed.
The social media network's website also featured a slide deck that shows it aims to compete with Amazon.com's AWS cloud service and Google Cloud. The contents of the TMTG news release were confirmed by a Trump representative who declined to be named. Liz Harrington, a Trump spokesperson, also tweeted a copy of the release, Reuters reported.
In an interview, the former president's son, Donald Trump Jr., claimed that Big Tech companies have silenced the conservative voices in social media platforms. He said that the signature of the former president was an agreement to form a platform for everyone to express their feelings.
The deal will result in TMTG receiving $293 million in cash that Digital World Acquisition Corp had in trust. However, this is assuming no shareholder of the acquisition firm chooses to redeem their shares, the news release added. It also values TMTG at $875 million, which includes debt.
Trump will serve as chairman of TMTG and said that he created Truth Social and TMTG to rival the tyranny of Big Tech companies. The Republican businessman reassured those who have been wondering why no one was standing up to Big Tech by taking the responsibility upon himself, TMTG, and his Truth Social platform, which aims to become the leading social media app, Fox News reported.