Donald Trump announced Wednesday that he will unveil a new digital media venture by merging with a special purpose acquisition company.
Trump Media and Technology Group creates a social network called Truth Social to fight companies like Facebook Ltd.
American Plan 0.23%
and twitter Ltd.,
Trump said in a press release late Wednesday. Following the January 6 attack on the US Capitol, Mr Trump’s access to several social media platforms was restricted.
He has been in discussions with various platforms throughout the year to find new online megaphones.
SPAC transactions, like Mr Trump’s, have become a popular alternative to traditional initial public offerings over the past year. Trump joins with media and technology group SPAC called Digital World Acquisition Ltd.
According to a press release, Trump’s venture, including debt, is valued at $875 million.
(more to come)
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