The company, Trump Media & Technology Group, which has yet to be fully operational, intends to give the former President a competitive platform to air his opinions.
"I created Truth Social and TMTG [Trump Media & Technology Group] to stand up to the tyranny of Big Tech,” said Trump, in the release. “I am excited to send out my first truth on Truth Social very soon. TMTG was founded with a mission to give a voice to all.”
The subscription VOD service will be called TMTG+ and intends to feature what it calls "non-woke" entertainment programming, news and podcasts.
Trump was banned from major social media platforms -- including Twitter and Facebook -- following the January 6 insurrection in the U.S. Capitol, which occurred just after a rally where Trump told those attending to “fight like hell.”
The release says Trump Media & Technology Group and Digital World Acquisition have entered into a merger agreement, where Trump Media & Technology Group will become a publicly listed company, subject to regulatory and stockholder approval.
Digital World Acquisition started last month as a publicly traded company, according to the release, as a special acquisition company (SPAC). Its main intent is to “effect” a merger in which the new company becomes publicly traded. Thursday morning trading of Digital World -- a day after the announcement -- witnessed its stock up 87% to $18.65.
Digital World says it has raised $293 million in cash from its initial stock market public offering in late September. The transaction values Trump Media & Technology Group at an initial enterprise value of $875 million.
Truth Social is currently available for pre-order in the Apple App store, per the release, available to “invited guests” starting in November 2021. A nationwide rollout is expected in the first quarter of 2022.