former US president Donald TrumpK.’s new media venture plans to launch its social media app Truth Social on February 21 apple app store listing. Truth Social, an alternative to Trump Media and Technology Group (TMTG) Twitter, is available for pre-order ahead of going live over the US Presidents Day holiday. Similar to Twitter, according to the demo photo, the app offers features to follow other people and trending topics. Its message, similar to a tweet, would be labeled “true”. The launch of the app will take place 13 months after the meta platforms. Facebook And Twitter banned Trump for encouraging his supporters to participate in the January 6 attack on the US Capitol based on unsubstantiated claims of widespread fraud in the 2020 presidential election.
Marking the one-year anniversary of the attack, US President Joe Biden on Thursday said his predecessor’s false claims could expose the rule of law and influence future elections. TMTG and Apple did not respond to requests for comment, but a source familiar with the matter confirmed that a February 21 launch of the app is planned. The launch is expected to be the first of three phases in TMTG’s development. The second will be a subscription video-on-demand service called TMTG+ with entertainment, news and podcasts, according to the company’s website. An investor presentation in November indicated that TMTG also wanted to launch a podcast network.
TMTG is valued at $5.3 billion (about Rs 39,430 crore) based on Digital World Acquisition’s stock price, a 20 percent increase by Reuters after the app’s listing on the App Store was reported. TMTG agreed to merge with the blank-check firm in October at a valuation of $875 million (about Rs 6,510 crore). Trump supporters and retail investors have raved about Digital World’s stock, betting that Trump’s popularity with his Republican political base will translate into commercial success.
Blank-check acquisition deal faces regulatory risk. Democratic US Senator Elizabeth Warren last month asked Securities and Exchange Commission Chairman Gary Gensler to investigate the planned merger for possible violations of securities laws surrounding the disclosure. The SEC declined to comment on whether it plans to take any action.
TMTG raised an additional $1 billion (about Rs 7,440 crore) from private investors last month.
Trump canceled a news conference at his Mar-a-Lago estate in Florida that was scheduled for January 6, marking the one-year anniversary of the Capitol attack. He said he would instead comment at a rally in Arizona on January 15.
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