Jan 6 (Reuters) – Former President Donald Trump’s new media enterprise plans to launch its social media app Fact Social on Feb. 21, in response to an Apple Inc App Retailer itemizing.
TRUTH Social, the Trump Media & Know-how Group (TMTG) different to Twitter , is offered for pre-order earlier than going stay on the U.S. Presidents’ Day vacation.
Just like Twitter, the app provides options to comply with different individuals and trending subjects, in response to demo pictures. Its message equal of a tweet might be dubbed “reality”.
The app’s launch would come 13 months after Meta Platforms Inc’s Fb and Twitter banned Trump for encouraging his supporters to take part within the Jan. 6 assault on the U.S. Capitol based mostly on unsubstantiated claims of widespread fraud within the 2020 presidential election.
Marking the one-year anniversary of the assault, U.S. President Joe Biden mentioned on Thursday that his predecessor’s false claims may unravel the rule of regulation and subvert future elections.
TMTG and Apple didn’t reply to requests for remark, however a supply aware of the matter confirmed that Feb. 21 is the deliberate launch date of the app.
The launch is predicted to be the primary of three levels in TMTG’s growth. The second could be a subscription video-on-demand service referred to as TMTG+ with leisure, information and podcasts, in response to the corporate web site. A November investor presentation indicated that TMTG additionally needs to launch a podcast community.
TMTG is valued at $5.3 billion based mostly on the inventory worth of Digital World Acquisition Corp , which rose 20% after Reuters reported the app’s itemizing on the App Retailer. TMTG agreed in October to merge with the blank-check agency at a valuation of $875 million.
Trump supporters and retail traders have snapped up Digital World’s inventory, betting that Trump’s reputation together with his Republican political base will translate into business runaway success.
The blank-check acquisition deal faces regulatory threat. Democratic U.S. Senator Elizabeth Warren requested Securities and Alternate Fee Chairman Gary Gensler final month to research the deliberate merger for potential violations of securities legal guidelines round disclosure. The SEC has declined to touch upon whether or not it plans any motion.
TMTG final month raised a further $1 billion from personal traders.
Trump canceled a information convention at his Mar-a-Lago property in Florida that had been scheduled for Jan. 6, marking the one-year anniversary of the Capitol assault. He mentioned he’ll as an alternative ship remarks at a rally in Arizona on Jan. 15.
Reporting by Krystal Hu in Toronto and Helen Coster in New York; Further reporting by Stephen Nellis in San Francisco; Modifying by Greg Roumeliotis and Cynthia Osterman