Last month saw the Reddit army of retail traders blow Wall Street and its hedge funds out of the
At the beginning of the year, former President Donald Trump was accused of inciting a riot. On January 6th, a mob of Trump supporters stormed the US Capitol, leaving chaos in their wake. The rioters sought to overturn Trump’s defeat to Joe Biden in the 2020 US election.
However, the protest soon turned violent, with the campaigners assaulting officers and vandalizing the building. Trump was blamed for instigating the events. As a result, social media networks such as Facebook and Twitter banned him from their platforms. Since then, the former POTUS has claimed that he will be back with his own social media platform to “give a voice to all.”
Over half a year later, news that Trump is Launching his Social Network, TRUTH, in 2022 has been making headlines.
The Scope of TRUTH
With TRUTH, Trump intends to oppose the ‘Big Tech’ companies that have “swung dangerously to the left”. TMTG’s vision statement demonstrates that the organization is hellbent on canceling the cancel culture and preventing big tech companies from controlling the narrative.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable,” elaborated Donald J. Trump, former POTUS and chairman of TMTG.
According to a press release, the company additionally plans to launch a subscription-based video-on-demand service called TMTG+. This service is set to feature “non-woke” entertainment and has appointed Scott St. John to spearhead the TMTG+ Corporate Operations. Scott St. John is the executive producer of primetime television shows such as Deal or No Deal and America’s Got Talent.
TRUTH wants to solidify itself as America’s social media network that promotes open communication without discrimination against political alignment.
TRUTH to launch through a SPAC
According to their press release, Trump Media & Technology Group (TMTG) will merge with Digital World Acquisition Corp as a SPAC. The company will be publicly listed on NASDAQ under the ticker symbol DWAC.
CEO of Digital World Acquisitions Corp., Patrick Orland, explained that “Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose”. The company has $293 million held in trust as part of its arsenal. According to Orland, the company can use the capital to scale up TMTG.
The TRUTH app is expected to begin its beta launch in November 2021, with the final version making its debut in the first quarter of 2022. For the time being, the app is only available for pre-order on the Apple App Store.
“I am excited to send out my first TRUTH on TRUTH Social very soon,” Trump said in a statement.
This is not Donald Trump’s first attempt at a return to social media. A few months ago, the 75-year-old launched the website “From the Desk of Donald Trump”. However, it didn’t take off– most likely because the audience could share his posts but they could not reply.
The new attempt does seem more feasible; however, there is no way of knowing whether this platform will be successful. There are equal chances of it giving a platform to minorities and going down in flames for promoting ‘non-woke’ ideology.
Legal disclaimer: The clients of eBrókerház Befektetési Szolgáltató Zrt. open orders through the Trade GM Trader Online Trading Platform, the orders will be forwarded to execution to AAA Trade Ltd. (seats: 205 Arch. Makarios Ill Avenue, Victory House, Block B, 1st Floor, 3030, Limassol, Cyprus). EBrókerház Befektetési Szolgáltató Zrt. (H-1072 Budapest, Rákóczi út 42.) authorized and regulated by Hungarian National Bank under the licence numbers III/73.059/2000. and III/73.059-4/2002.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78,74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The materials contained on this page are for advertising and marketing purposes only and should not in any way be construed, either explicitly or implicitly, directly or indirectly. as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. You should make sure that you have sufficient time to manage your investments on an active basis. CDF are derivative financial instruments, which price is derived from the price of the underlying asset or contract to which the CFD refers (for example currencies, commodities, indices, equity, etc.). Derivative financial instruments and related markets can be highly volatile. The prices of CFDs and underlying instrument may fluctuate rapidly over wide ranges and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the client or eBrókerház Befektetési Szolgáltató Zrt. Prices quoted or information may vary and change depending on market conditions. When investing in Company’s Products denominated in a currency other than that of the state in which you reside, the return may increase or decrease as a result of currency fluctuations. Any indication of past performance or simulated past performance included in an advertisement is not a reliable indicator of future results. All names, pictures and personal details of people depicted as traders in advertisements concerning past performance are included for presentation purposes only, and are not the actual traders who have made the transaction detailed in the advertisement (actual details are kept for privacy purposes). All opinions expressed by traders are not actual testimonials but rather are depictive of the actual past performance and trading experience. Any trades depicted are selected from past real successful trades and are not reliable indicator of all customers past or future trades.