Trump creates his own social network and inaugurates a media empire

Donald Trump New Media Empire

Former President Donald Trump has announced the launch of his own social network, Truth Social, for the first months of 2022. But the mogul’s plans go further. Under the Trump Media and Technology Group holding company, it plans to have its own video platform and news service. The tycoon claims to have taken the first steps to take the company public, through a SPAC.

Trump’s new venture will be up and running by the first quarter of 2022, according to a press release from Trump Media and Technology Group (TMTG). The company’s first goal is to launch Truth Social, a social network to compete with Facebook or Twitter. The plans, if all goes according to plan, will happen just before the 2022 elections to renew Congress. 

The intentions of Trump are to create a media empire for new times without losing sight that is feinting to stand as a presidential candidate for 2024. To do this, the tycoon will use all the mechanisms offered by the market. His holding company will go public with the controversial SPAC formula. In the last year, it has gained popularity by first launching a shell company without any activity, beyond the promise of merging in the medium term with another company.

In many cases, there is a main investor who is being joined by others. It allows newly created companies to find a partner with available capital and have a space reserved on the stock market, with no more certainties than a business plan. Something that is not allowed for traditional IPOs, as they are required to develop an activity. For Trump, his capitalist partner is Digital World Acquisition Corp, which has a box of 290 million dollars, which it can make available to Trump’s company to finance its growth. Following the merger, Trump Media & Technology Group would be valued at $1.7 billion, according to calculations by Trump’s partners.

Trump’s plans do not stop at setting up a social network. It also aspires in the medium term to have its own video and news service platform, according to the company’s presentation. The Trump holding company has three trademarks: Truth Social, TMTG+ and TMTG News, which are to be the structure of the new company.

In the presentation to the media and investors, the company highlights as one of its strengths Trump’s media capacity to accumulate followers in the social networks of future competition. And, of course, the goal of creating an uncensored virtual community. Trump was ousted from Twitter and Facebook after instigating the assault on Congress earlier this year.

The business card of Trump and his holding is clear: “Silicon Valley, the mainstream media and big technology have begun to silence by force the voices that do not align with their ideology.” Among the company’s values ​​is belligerence over established social networks. “Big Tech platforms… are not just censoring content, they are determining what can and cannot be said. By controlling how information is shared, they control the narrative. They control the future. They control you.”

“To counter this dangerous exercise of the monopoly power of big technology, President Donald Trump and TMTG are building a media and technology company rooted in social media, digital broadcasting and more,” the company explains.

Trump intends to change the rules of the game, so that, according to him, he can “share and create content without fear of ruining his reputation”, in a clear reference to the silence imposed by Facebook and Twitter. Trump has been seeking to regain the ability to connect with his followers, raise money and influence the media agenda. During his presidency, Trump relied on Twitter for everything from insulting rivals to making big announcements.

With TMTG, and according to the presentation, Trump intends to design a digital world to suit him. It is not just a social network. It is about attracting all the space on the right of the country with the aim of “galvanizing the conservative media universe”, he details in the documentation distributed to the press.

The aspirations of the new company are to create a video and streaming platform to also compete directly with Netflix, Hulu and Disney +.

TMTG+ will feature entertainment programming, news, podcasts… Scott St. John, the well-known producer of “Deal or No Deal” and “America’s Got Talent”, will be the head of audiovisual content for the group.

In the long term, Trump intends to develop his own technology to create payment systems and cloud services. Amazon trembles.