Matt Bush, FISM News
Trump Media and Technology Group (TMTG) along with its partner, Digital World Acquisition Corp. (DWAC), announced on Saturday that they have reached a deal to fund a new social media site, TRUTH Social. The two companies say they have entered into subscription agreements to raise more than $1 billion from investors.
The new social media platform is set to launch in the first quarter of 2022, and the $1 billion raised to start the company has many believing it will succeed. Former President Trump who will be the chairman of TMTG released a statement ahead of the app’s release saying that the effort will push back against platforms that lean left and that the venture will “give a voice to all.”
Trump is making headlines with this new social media platform while he is still banned by the two major social media giants that helped him get elected to the presidency: Facebook and Twitter. This announcement also comes amidst rumors that Trump will run for office again in 2024.
As social media has solidified a major role in the lives of most Americans, there is much debate surrounding how these companies should be viewed.
Many conservatives believe that their voices are underrepresented and are often silenced by censorship. On the other hand, many liberals believe that those running the giant social media corporations have a responsibility to ensure a safe environment for those on the platform, by stopping bullying, violence, and hate speech, among other things.
President Trump relayed that, “$1bn sends an important message to Big Tech that censorship and political discrimination must end.”
DWAC, a special purpose acquisition company (SPAC), has been the driving force behind raising the funds for the company. SPACs became popular because they are essentially shell companies setup specifically to merge with a private firm to take it public.
The amount raised makes it appear that the company will be able to produce a competitive product and that a large percentage of Americans are seeking an alternative to the social media platforms that are currently available. TRUTH Social is advertising itself as a platform to fill that void; a place where every voice can be heard no matter its political leaning.
Trump alluded to this when he originally announced the venture in October: “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.”
If this venture is successful and Trump does in fact choose to run in 2024, it will could prove to test current election policies as it would be the first time a presidential candidate has direct ownership of a social media platform.