WASHINGTON, Oct 21 ― Former US president Donald Trump announced plans yesterday to launch his own social network, in the latest push to reclaim his internet dominance after he was banned from Twitter and Facebook in the wake of the violent Capitol insurrection.
“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump, who was banned from Twitter and Facebook for stoking the attack at the US Capitol on January 6, was quoted as saying in the statement. “The transaction values Trump Media & Technology Group at an initial enterprise value of US$875 Million , with a potential additional earnout of US$825 Million in additional shares for a cumulative valuation of up to US$1.7 Billion depending on the performance of the stock price post-business combination,” it stated.
Ever since, Trump has been looking for ways to reclaim his internet megaphone, launching several lawsuits against the tech giants. Shortly after TRUTH Social was announced, Miller congratulated Trump on “re-entering the social media fray.”
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