Ex-US president Donald Trump to launch social media app 'Truth Social' on February 21?
By Team Newsable | First Published Jan 7, 2022, 1:49 PM ISTTruth Social, the Trump Media & Technology Group (TMTG) alternative to Twitter, is now available for pre-order ahead of its launch on Presidents' Day in the United States.
According to an Apple App Store listing, former US President Donald Trump's new media business aims to debut its social media app Truth Social on February 21. Truth Social, the Trump Media & Technology Group (TMTG) alternative to Twitter, is now available for pre-order ahead of its launch on Presidents' Day in the United States. According to sample photographs, the app, like Twitter, includes following other individuals and trending topics. Its message equal to a tweet will be known as "truth." The app's release would come 13 months after Meta Platforms' Facebook and Twitter banned Trump for urging his followers to participate in the January 6 attack on the US Capitol, which was predicated on unfounded accusations of massive fraud in the 2020 presidential election.
On the first anniversary of the assault, US President Joe Biden warned that his predecessor's false allegations might undermine the rule of law and undermine future elections. TMTG and Apple did not reply to demands for comment, but a person familiar with the situation stated that the app is set to launch on February 21. The launch is planned to be the first of three stages in the evolution of TMTG. According to the company's website, the second would be a subscription video-on-demand service dubbed TMTG+, including entertainment, news, and podcasts. According to a November investor presentation, TMTG also intends to develop a podcast network.
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Based on the stock price of Digital World Acquisition, which surged 20% after Reuters announced the app's release on the App Store, TMTG is valued at $5.3 billion (approximately Rs 39,430 crores). In October, TMTG agreed to combine with the blank-check company for $875 million (roughly Rs 6,510 crores). Trump fans and retail investors have flocked to Digital World, anticipating that Trump's popularity among his Republican political base will translate into business success.
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The purchase agreement with a blank check is fraught with regulatory danger. Last month, Democratic US Senator Elizabeth Warren requested that Securities and Exchange Commission Chairman Gary Gensler look into the proposed merger for alleged breaches of securities rules relating to disclosure. The SEC has declined to comment on whether it intends to make any changes.
TMTG secured an extra $1 billion (approximately Rs. 7,440 crores) from private investors last month. Trump cancelled a news conference set for January 6 at his Mar-a-Lago resort in Florida to commemorate the first anniversary of the Capitol attack. Instead, he claimed he'd speak at a rally in Arizona on January 15.
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