In just two days after President Trump announced the formation of his own social media company, the stock price rose by 1600%. It did drop back down but the stick is still way up.
The actual networks won’t be operational until early next year, but I expect it to be a growing concern. And why not. They will have a practical monopoly on conservative content. I believe many users will leave Twitter and Facebook and never look back.
The company, a special purpose acquisition company (SPAC) listed on the NASDAQ exchange as DWAC, will merge with Trump Media and Technology Group. Together, they will launch a new social media, news, and entertainment platform, Trump announced Wednesday. The new social media platform, TRUTH Social, is envisioned by Trump as a way “to stand up to the tyranny of Big Tech.”
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable.”
“I’m excited to soon begin sharing my thoughts on Truth Social and to fight back against big tech.”
The current share price sits at $90 dollars a share.
Was just able to setup an account using the handle @donaldtrump on 'Truth Social,' former President Donald Trump's new social media website.
Although the site is not officially open, a URL was discovered allowing users to sign up anyway. pic.twitter.com/MRMQzjNhma
— Mikael Thalen (@MikaelThalen) October 21, 2021
The site was temporarily open just to register for an account, but has since been taken down.
The former president, who was banned from Facebook and Twitter earlier this year, says his goal is to rival the tech companies that have denied him the megaphone that was paramount to his rise.
While the platform is pitched as a free and open communication service that encourages “honest global conversation”, the terms of service agreement prohibits users from making fun of the site. To access the platform, users agree not to “disparage, tarnish, or otherwise harm, in our opinion, us and/or the site”.
Trump announced the news in a press release on Wednesday, saying the platform will be open to “invited users” for a beta launch in November, with plans to make it available to the broader public in the beginning of next year. Truth Social will be a product of a new venture called the Trump Media & Technology Group, which was created through a merger with Digital World Acquisition Corp. The group said it seeks to become a publicly listed company.