Truth Social, the Trump Media & Technology Group (TMTG)
alternative to Twitter, is available for pre-order before going live on the US
Presidents' Day holiday.
Similar to Twitter, the app offers features to follow other
people and trending topics, according to demo photos. Its message equivalent of
a tweet will be dubbed "truth".
The app's launch would come 13 months after Meta Platforms's
Facebook and Twitter banned Trump for encouraging his supporters to participate
in the January 6 attack on the US Capitol based on unsubstantiated claims of
widespread fraud in the 2020 presidential election.
Marking the one-year anniversary of the attack, US President
Joe Biden said on Thursday that his predecessor's false claims could unravel
the rule of law and subvert future elections.
TMTG and Apple did not respond to requests for comment, but
a source familiar with the matter confirmed that February 21 is the planned
launch date of the app.
The launch is expected to be the first of three stages in
TMTG's development. The second would be a subscription video-on-demand service
called TMTG+ with entertainment, news and podcasts, according to the company
website. A November investor presentation indicated that TMTG also wants to
launch a podcast network.
TMTG is valued at $5.3 billion based on the stock price of Digital World
Acquisition, which rose 20 percent after Reuters reported the app's listing on
the App Store. TMTG agreed in October to merge with the blank-check firm at a
valuation of $875 million.
Trump supporters and retail investors have snapped up
Digital World's stock, betting that Trump's popularity with his Republican
political base will translate into commercial runaway success.
The blank-check acquisition deal faces regulatory risk.
Democratic US Senator Elizabeth Warren asked Securities and Exchange Commission
Chairman Gary Gensler last month to investigate the planned merger for
potential violations of securities laws around disclosure. The SEC has declined
to comment on whether it plans any action.
TMTG last month raised an additional $1 billion from private
investors.
Trump cancelled a news conference at his Mar-a-Lago estate
in Florida that had been scheduled for January 6, marking the one-year
anniversary of the Capitol attack. He said he will instead deliver remarks at a
rally in Arizona on January 15. © Reuters
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