According to an entry in the Apple App Store, the new media company of former President US Donald Trump is planning to launch its social media app Truth Social on February 21.
Truth Social, the Trump Media & Technology Group (TMTG) alternative to Twitter, can be pre-ordered before it goes live on the US President’s Holiday.
Similar to Twitter, the app offers functions according to demo photos to follow other people and trending topics. The news equivalent of a tweet is called “truth”.
The app would launch 13 months after Trump was banned by Meta Platforms’ Facebook and Twitter for encouraging supporters to participate in the April 6 attack on the U.S. Capitol.
To mark the one year anniversary of the attack, US President Joe Biden said Thursday that his predecessor’s false claims could untangle the rule of law and undermine future elections.
TMTG and Apple didn’t respond to requests for comment, but a source familiar with the matter confirmed that February 21 is the app’s scheduled launch date.
The launch is expected to be the first of three phases in TMTG’s development. The second would be a subscription video-on-demand service called TMTG + with entertainment, news, and podcasts, according to the company website. An investor presentation in November indicated that TMTG also plans to start a podcast network.
TMTG is valued at $ 5.3 billion (approximately Rs.39,430 billion) based on Digital World Acquisition’s share price, which rose 20 percent after Reuters reported the app was added to the App Store. TMTG agreed to merge with the blank check company in October for a value of $ 875 million (approximately Rs.6.510 billion).
Trump supporters and retail investors have bought Digital World shares, betting that Trump’s popularity with his Republican political base will lead to commercial success.
The acceptance of the blank check is fraught with regulatory risks. US Democratic Senator Elizabeth Warren last month asked Securities and Exchange Commission chairman Gary Gensler to investigate the proposed merger for possible disclosure-related violations of securities laws. The SEC did not want to comment on whether it plans any action.
TMTG raised an additional $ 1 billion (approximately Rs.7,440 billion) from private investors last month.
Trump canceled a press conference scheduled for January 6th at his Mar-a-Lago, Florida property to mark the year-long anniversary of the attack on the Capitol. He said he would instead make remarks at a rally in Arizona on Jan. 15.
© Thomson Reuters 2022
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