Donald Trump has announced a SPAC attack. The former president is planning a new media and technology empire that will be publicly traded after a merger with a firm called Digital World Acquisition Corp., according to Bloomberg citing a Wednesday press release from the Trump Media and Technology Group.
The move comes after Trump was kicked off social media giants such as Twitter Inc. and Facebook Inc. and includes a new social platform called “Truth Social.” Trump’s new social network is set to launch a beta version in November, which will be available to invited guests only. Its national rollout is expected in the first quarter of 2022, the press release said.
TMTG also released a slide deck to accompany its announcement. Here are some of the most interesting insights.
TMTG apparently plans to take on Twitter and Facebook with its Truth Social network but has ambitions that expand far beyond social media, with references to some of the most successful media companies around, including Netflix Inc. and Walt Disney Co. It also seems to nod to an upcoming tech stack that could include payments services similar to Stripe Inc., and cloud features that compete with Amazon.com Inc. and Alphabet Inc.’s Google.
TMTG characterizes its goal as creating a “non-cancellable” community that would extend beyond the reach of current tech behemoths.
The deck also touts that a third of respondents in a survey from The Hill said they’d use a “Trump-backed Social media platform,” though it doesn’t make much mention that 54% — a slim majority — say they would not.
And while one slide says TMTG is aiming for an “Inclusive ‘Big Tent’ Approach” where all are welcome, including liberals, independents and conservatives, another slide has the company “galvanizing a conservative media universe” by figuratively drawing right-wing networks into its orbit.
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