Trump’s New Social-Media Company Plans to Go Public via SPAC

Thursday - 21/10/2021 09:41
Former president says Trump Media & Technology Group will create Truth Social to combat large social-media platforms
Former President Donald Trump has held talks with different parties throughout the year to find a new online platform. PHOTO: ANDY JACOBSOHN/AGENCE FRANCE-PRESSE/GETTY IMAGES
Former President Donald Trump has held talks with different parties throughout the year to find a new online platform. PHOTO: ANDY JACOBSOHN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Former President Donald Trump unveiled a new digital-media venture Wednesday and said it would go public by merging with a special-purpose acquisition company.

Trump Media & Technology Group will create a social network called Truth Social to fight such companies as Facebook Inc. FB -0.46% and Twitter Inc., TWTR -0.14% the Trump company said in a press release late Wednesday. Mr. Trump’s access to several social-media platforms was restricted following the Jan. 6 assault on the U.S. Capitol.

He has held discussions with a number of different platforms throughout the year to find a new online megaphone. Mr. Trump had nearly 89 million followers on Twitter.

SPAC deals, such as the one Mr. Trump is doing, have become popular alternatives to traditional initial public offerings in the past year. Trump Media & Technology Group will combine with a SPAC called Digital World Acquisition Corp., valuing the Trump venture at $875 million, including debt, the press release said.

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 Keywords: Facebook, Twitter

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