Analysis by Summer Lane | Photo: Alamy
Truth Social has been a transformative part of launching a free-speech conservative ecosystem in the face of Big Tech tyranny and government censorship.
Launched amid an avalanche of information suppression at the behest of leftist social media platforms, Truth Social soared to success in 2022 in the Apple Store. Since then, the platform has expanded to Android, the Google Play Store, and beyond.
This week, Trump Media & Technology Group (TMTG) and Digital World Acquisition Corp. (DWAC) announced that they had filed an “Amendment No. 1 to the S-4 Registration Statement,” which effectively took them one step closer to their anticipated merger.
Via a press release, TMTG CEO Devin Nunes explained:
“We believe that today marks a monumental milestone toward completing the Business Combination, and we look forward to working with the SEC to bring this deal to a close as quickly as possible. Truth Social aims to be more than a social media platform-we aspire to become the centerpiece of a movement, as well as a method for Americans to invest in their freedom.”
The paperwork was filed with the Securities and Exchange Commission (SEC). In the past, Nunes slammed the prolonged SEC review process, with TMTG even going so far as to ask Congress to investigate the delay, RSBN previously reported.
However, this week’s filing between TMTG and DWAC is a major step forward for President Trump’s free-speech platform, which has long been criticized by the legacy media.
Before it even launched, Business Insider declared that Truth Social showed “early warning signs of failure,” postulating that its 2022 trajectory was bleak at best. They were proven wrong when Truth Social launched in the Apple App Store in Feb. 2022, rocketing to number one in downloads.
Axios reported this summer that Truth Social needed investment but that this seemed “unlikely to come from DWAC, given the molasses-like speed at which the legal investigations are proceeding.”
Other outlets reported recently that Truth Social was bleeding millions of dollars in financial losses, but TMTG hit back at those accusations on Tuesday with a scorching statement.
“After taking a huge step toward completing our merger yesterday with DWAC’s filing with the SEC, we had to send more than a dozen retraction demands on today’s tsunami of fake news stories about the submission,” an official statement from Truth Social explained.
They announced that anyone reporting that Truth Social had incurred a $73 million financial loss was omitting “TMTG and DWAC’s public statements about the filing” with the SEC. They called those “false” stories that were “defamatory,” and also demanded the deletion of all social media posts related to such.
According to Breitbart, TMTG and DWAC’s merger would facilitate Truth Social’s growth from a private to a public company, enabling them to access capital markets, issue stocks, and expand their reach as a free-speech social media site.
Truth Social has consistently defied the odds and continues to take steps toward growing its company and platform to protect Americans’ right to free speech.