President Trump is taking on the Big Tech behemoths, who relentlessly censor conservatives and anyone else who disagrees with them, by announcing the creation of his own technology company and social media platform. And he is already winning.
The 45th president on Wednesday night announced the creation of a new social media platform called TRUTH Social which will operate under Trump Media & Technology Group (“TMTG”) merged with Digital World Acquisition Corp (“DWAC”).
A statement from TMTG, which is chaired by President Trump, says the merger between TMTG and DWAC could reach a valuation of $1.7 billion.
Although TMTG is not yet publicly traded, DWAC surged on the Nasdaq after news of the merger broke.
DWAC rose 85 percent within the first hour of trading, Investor Place reported. By late Thursday morning, the stock skyrocketed from just over $10 per share to a peak of more than $19 per share.
Needless to say, investors reacted positively to the news of Trump’s merger deal.
In addition to launching a social media platform, TMTG will also “launch a subscription video on demand service (TMTG+). TMTG+ will feature ‘non-woke’ entertainment programming, news, podcasts, and more.”
President Trump’s latest move poses a serious challenge to anti-free speech platforms such as Twitter and Facebook. TechCrunch even believes TMTG could take on Disney and other major entertainment companies.
Commenting on his plans, Trump said, “Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”