August 10, 2022
Donald Trump will launch his Truth Social app on February 21, App Store listing shows

Former President US Donald Trump’s new media venture plans to launch his social media app Truth Social on February 21, according to an Apple App Store listing.

Truth Social, Twitter’s alternative to Trump Media & Technology Group (TMTG), is available for pre-order ahead of going live over the US President’s Day holiday.

According to the demo photo, similar to Twitter, the app offers the facility to follow other people and trending topics. Its message, equivalent to a tweet, would be labeled “true”.

The app’s launch comes 13 months after 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. Had done it.

On the one-year anniversary of the attack, US President Joe Biden said on Thursday that 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.

Based on the stock price of Digital World Acquisitions, TMTG is valued at $5.3 billion (about Rs 39,430 crore), up 20 per cent following the Reuters report. App listing on App Store. TMTG agreed to merge with the blank-check firm in October at a valuation of $875 million (approximately Rs 6,510 crore).

Trump supporters and retail investors have rallied Digital World’s stock, betting that Trump’s popularity with his Republican political base will turn into a commercially successful 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 had last month raised an additional $1 billion (about Rs 7,440 crore) from private investors.

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.

© Thomson Reuters 2022

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