On Wednesday, former President Trump announced his intention to create a social media network called “Truth Social” that would be listed on the SPAC.
Details, such as who will be the company’s CEO, are still lacking.
- Patrick Orlando, the founder of the SPAC, has raised several SPACs but has yet to successfully take a firm public. He did have one deal signed with Giga Energy, but it was called off before being completed.
- According to reports, Trump’s team initially said the SPAC had not yet filed a 8-K laying out merger specifics. Such papers are essential for any transaction to go through. A spokesperson for the SPAC later confirmed that it has been submitted, apparently after hours, which means it should become accessible early Thursday morning on the SEC.gov website.
- The SPAC has $293 million in assets, but that figure might be reduced if investors dislike the agreement and choose to redeem their units.
Trump Media & Technology Group
TMTG is the name of the holding company for the software (Trump Media & Technology Group).
- TMTG+ will soon debut a subscription streaming service called TMTG+. This is the one area where we have an executive name: Scott St. John, formerly the executive producer of both Deal or No Deal and America’s Got Talent.
The organization’s goal, according to its website, is “to establish a competitor to the left-wing media conglomerate and resist the ‘Big Tech’ companies of Silicon Valley, which have silenced opposing viewpoints in America.”
- Social media censorship has become one of his biggest talking points, even before mainstream social apps banned him following the Capital insurrection.
- According to the firm, Truth Social will begin its Beta Launch for invited guests in November 2021, with a national rollout planned for early next year.
Remember, don’t pay attention to the potential $1.7 billion valuation stated in the release. That amount is based on unconfirmed price hikes for a stock that hasn’t even debuted yet.
Trump wants an alternative social media network
The big picture: Trump has been trying to build an alternative social media network for many months.
- In July, after departing as Trump’s spokesperson and close adviser, Jason Miller established a new social media application called “Gettr.” It debuted without the president’s involvement following a stalemate between the two sides.
- “Congratulations to President Trump for re-entering the social media fray!” Miller said in a statement. “Now Facebook and Twitter will lose even more market share.”
- In March, it was reported that Trump’s team had spoken with FreeSpace, a small and still developing social software to construct its own social network. It’s unclear what came of those negotiations.
The bottom line is that there are not yet enough information to suggest that this arrangement has much credibility.
