Trump Launches $1.7 Billion Social Media Platform in 2025 via SPAC Deal
Former President Donald Trump is set to debut a new social media network under Trump Media and Technology Group (TMTG), backed by a $1.7 billion SPAC merger, aiming to challenge Big Tech dominance.
Trump Media and Technology Group (TMTG) is gearing up for a major launch, valued at up to $1.7 billion in 2024.
Former U.S. President Donald Trump is preparing to unveil his own media enterprise, with its flagship project being a social media platform funded through a special purpose acquisition company (SPAC). TMTG is set to merge with Digital World Acquisition Corp. (DWAC), bringing the company public with an estimated valuation reaching $1.7 billion.
Highlights
- Donald Trump is introducing a new publicly traded media company.
- TMTG will go public following funding from a SPAC merger.
- The company's first launch is a social media platform called TRUTH Social.
Introducing TRUTH Social: Trump’s New Social Network
The initial offering from Trump Media and Technology Group is TRUTH Social, a social media platform designed to provide an alternative to mainstream networks. According to official announcements shared via Twitter by Trump’s spokesperson Liz Harrington, TRUTH Social is available for pre-order on the Apple App Store. A beta version is scheduled for invited users starting November 2021, with a full nationwide rollout planned for early 2022.
Trump stated, "I created TRUTH Social and TMTG to confront the censorship and control of Big Tech." This move follows the suspension of his accounts on major platforms like Twitter and Facebook in January 2021.
Financial Outlook and Valuation of TMTG
The merger agreement between DWAC and TMTG will transform TMTG into a publicly listed company with an initial enterprise value of $875 million. Additionally, there is an earnout opportunity of up to $825 million in shares based on post-merger stock performance, potentially bringing the total valuation to $1.7 billion.
Initial growth and operations will be supported by $293 million in cash held in trust by DWAC, assuming no investor redemptions.
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