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Trump Announces His Own Social Media

Published

4 years ago

October 22, 2021

File: Former U.S President, Donald Trump.

Former United States of America President, Donald Trump on Wednesday said that he’s launching Trump Media & Technology Group, TMTG, and a “Truth Social” app as a rival to the Big Tech companies that have shut him out and denied him the megaphone that was paramount to his national rise.

The announcement came nine months after Trump was expelled from social media for his role in inciting the Jan. 6 Capitol insurrection.

Experts were split on how strong a competitor Trump Media & Technology Group can be, but the stock market reacted with exuberance.

TMTG’s plan is to become a publicly listed company through a merger with Digital World Acquisition Corp., a type of company whose sole purpose is to acquire a private company and take it public.

Shares of Digital World Acquisition quadrupled Thursday in what some might see as validation for Trump, even though there’s a ways to go before the merger is completed.

“I’m personally not a Trump supporter, but this could lead to giant media presence,” said investor Ryan Joshua Keenan, who put $2,000 into the stock early Thursday morning and had already tripled the money by the early afternoon. “It’s been going up ridiculously.”

Trump has spoken about launching his own social media site ever since he was barred from Twitter and Facebook. An earlier effort to launch a blog on his existing website was abandoned after the page drew dismal views.

“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” he said in a statement Wednesday. “This is unacceptable.”

Conservative voices actually do well on traditional social media. On Wednesday, half of Facebook’s 10 top performing link posts were from conservative media, commentators or politicians, according to a daily list compiled by a New York Times technology columnist and an internet studies professor using Facebook’s own data.

TMTG has not set its sights low. In addition to the Truth Social app, which is expected to soft-launch next month with a nationwide rollout early next year, the company says it is planning a video-on-demand service dubbed TMTG+ that will feature entertainment programming, news and podcasts.

One slide in a TMTG presentation on its website includes a graphic of its potential competitors, which range from Facebook and Twitter to Netflix and Disney+ to CNN. The same slide suggests that over the long term TMTG will also become a power in cloud computing and payments and suggests it will go head-to-head with Amazon, Microsoft, Google and Stripe.

A Trump-branded social media portal would join a crowded space dominated by Big Tech-run portals like Facebook and Twitter. Still, everyday social media users tend to be on multiple platforms at once, so TMTG’s offering doesn’t have to necessarily peel users from other portals to thrive.

“This network will most likely be most successful in targeting far-right users, the same that left Facebook for ‘alternative’ social networks like Gab or Parler,” said Alexandra Cirone, assistant professor in government at Cornell University.

Trump’s new media outlet could also compete for viewers on conservative networks such as OANN, Newsmax and Fox News, she said.

Ali Mogharabi, senior equity analyst at Morningstar, who covers Twitter, Facebook and other social media companies, said Trump’s brand could initially give TMTG a leg up relative to other new social media sites going up against Facebook and other big players.

“Whether that’s going to be sustainable in the long run, that’s very uncertain.”

Mogharabi said next year’s mid-term elections could be pivotal in whether the social media platform succeeds.

“A lot of Trump supporters would probably go on there. Even more so in 2024, if Trump actually decides to run for president. Those types of future events could actually attract more users.”

For now, the deal is attracting stock traders. Shares of Digital World Acquisition soared $35.34, or 357%, to $45.50, and changed hands more than 475 million times. That compares with average trading volume of about 11 million shares for Twitter, which trade at around $65.

Digital World Acquisition, based in Miami, is a special-purpose acquisition company, or SPAC. Such publicly traded companies are designed to list the shares of a private company more quickly than a traditional initial public offering. In practice, that means the SPAC acquires a private firm and then changes its name and other details to those of the acquired firm.

“It’s been many, many months since there’s been a SPAC merger greeted with this amount of enthusiasm,” said Jay Ritter, a professor at the University of Florida who specializes in initial public offerings.

A SPAC pays for an acquisition with cash from its own initial public offering. DWA completed its initial public offering on Sept. 8. DWA said it has raised roughly $293 million in cash, which it will use to grow TMTG’s ventures.

The enthusiasm from investors came even though the SPAC deal was unusual in several ways. Announcements of such deals typically are accompanied by the actual merger agreement and a presentation to investors full of numbers and data.

In this one, the merger agreement was not there. And the “Company Overview” of TMTG on its website is light on details about its structure and finances.

“I don’t know enough to say it’s unprecedented, but it’s weird. Given a lot of things that happen with Trump are not great with details and formalities, it’s perhaps not surprising, but it’s not the norm in SPACs,” said Michael Ohlrogge, an assistant professor of law at New York University who researches SPACs.

Until the deal is completed, TMTG would not have access to the cash raised by the SPAC. And without additional details from the companies, it’s unclear what Trump’s role will be and how much he’ll be compensated.

The deal has an initial enterprise value, which measures total debts and assets, of $875 million, according to Wednesday’s announcement. Experts say it could take up to six months for the deal to close.

Digital World Acqusition is currently run by CEO Patrick Orlando, a Miami-based founder of the Benessere Investment Group. He owns 18% of Digital World’s stock, according to a recent regulatory filing.

Orlando has experience taking at least three SPACs public. One company, Yunhong International, had planned to buy a marketer of “carbon neutral” fuel cells and batteries, but a press release issued last month said the deal had been canceled without giving a reason.

Orlando declined to comment about Trump’s potential role in the new company to The Associated Press on Thursday, pointing the public statements, which provide no detail.

The last time Trump ran a publicly traded company, it didn’t end up well for investors. His casino company, Trump Entertainment Resorts, lost hundreds of millions of dollars over more than a dozen years and filed for bankruptcy several times, socking shareholders with big losses. Trump fared better. He took in $82 million in fees, salary and bonuses over the same period, according to Fortune magazine.

(AP)

Related Topics:#social media Donald Trump

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World Ocean Day: HOMEF Wants An End To Human’s Exploitative Relationship With The Ocean

Published

6 hours ago

June 8, 2025

Editor

By Joseph Ebi Kanjo

Health of Mother Earth Foundation (HOMEF) has called for an end to human’s exploitative, violent, and destructive relationship with the ocean even as the world marks World Ocean Day today, 8 June, 2025.

In a statement issued by Kome Odhomor, Media/Communications Lead, HOMEF, to mark this year’s World Ocean Day with the theme: ‘Wonder: Sustaining What Sustains Us,’ the ecological think tank organisation said Ocean is not just a water but an ecosystems which “supply a substantial amount of oxygen to the atmosphere and offer various services that ensure the survival of all species on Earth.

“Climate change, primarily caused by human activities, is impacting the ocean. Dead zones are proliferating, pollution from minerals and fossil fuel extraction and production processes is occurring, unsustainable industrial fishing practices are occurring, intentional waste dumping is occurring, and disturbances of the ocean floor and seabeds are among a long list of destructive activities.

“As ocean surface temperatures increase, global warming will also rise. Therefore, protecting the ocean from these forms of degradation would ultimately safeguard the Earth. Let’s protect the ocean and force others to respect it because we are the ocean; we are part of the ocean family.”

Odhomor, in the statement made available to INFO DAILY on Sunday, quoted the Executive Director of HOMEF, Dr. Nnimmo Bassey, as saying the World Ocean Day is celebrated annually on 8 June to underscore the immeasurable importance of the world’s ocean and garner support for their protection.

Bassey in the statement lamented that despite the importance, the ocean and other water bodies are continuously subjected to a barrage of assaults at local, national, and international levels.

“The concept that the ocean cycles itself and acts as a greenhouse gas sink has been misconstrued to mean that the ocean can filter and clean itself no matter what is dumped in it.

“The ocean and other waterbodies have become dumpsites of all sorts, polluting and extreme exploitation.

“There are a lot of unusual activities going on in our waters that must not be allowed to continue if we want a healthy ocean and planet,” he noted.

Bassey further stated that “corporate interests have been substituted for national and people-centred interests, as communities that live along the coasts, bear the brunt of such abnormalities. Now is the time for all to rise to the occasion to protect the ocean. The continued burning of the Ororo Oil well over a period of five years is a sad commentary on ecocide on our waters.”

Also lending his voice, Stephen Oduware, a Programme Manager with HOMEF and Coordinator of the Fishnet Alliance, a network of fishers across Africa, emphatically noted that the world’s fisheries depend on the ocean.

“The two major sides of the ocean bordering Africa – the Atlantic and Indian, along with their associated gulfs, are experiencing shortfalls in fishing due to vested and powerful interests. Industrial fishing, including the use of bottom trawlers, is partly responsible for unsustainable fishing and illegal, unreported, and unregulated fishing in the region.

“These practices not only harm fisheries but also harm the ocean and create imbalances in the ecosystems the ocean supports. These unchecked activities in the territorial waters of Africa must stop. Fishers of the world unite,” he noted.

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Edo Rep Member Distances Self From Cultism, Says Allegation Politically Motivated

Published

7 hours ago

June 8, 2025

Editor

By Joseph Ebi Kanjo

Hon. Marcus Onobun, member representing Esan West, Esan Central and Igueben Federal Constituency in the House of Representatives, has described as false the rumours making the rounds that he’s involved in Cult-related activities in Iruekpen, Esan West Local Government Area of Edo State.

The Edo rep member, in a disclaimer titled: ‘Re: Disclaimer on Alleged Cult-related Issues in Iruekpen’, which was made available to INFO DAILY on Sunday, said the allegations of his involvement in cultism were not only “false and baseless, unfounded but they also appear to be politically motivated, attempts to tarnish my hard-earned reputation, distraction from the developmental strides we are making, and undermine the trust and confidence the good people of Iruekpen and beyond have reposed in me.”

He stressed, “For the avoidance of doubt, I am not directly or indirectly involved in cultism nor have I ever supported, encouraged, financed, or participated in any activity that promotes it in any form whatsoever.”

Hon. Onobun, who stated that the last time he visited Edo State was 22nd April, 2025, noted that the allegation was to “lay a foundation for their wicked and clandestine plan to silence the opposition.”

He explained that though he got information from a reliable source that there was a clash in the community (Iruekpen) between two indigenes, such clash was never bear his residence but in a brothel.

“I am a firm believer in the rule of law, democratic principles, and peaceful co-existence,” he said.

The Edo rep member, while stating that security and safety of his constituents top is priority, urged the “media and the general public to exercise due diligence and verify facts before spreading information capable of causing panic and reputation damage.”

“The security and safety of our people tops my priorities as a federal lawmaker, as no development sees the light of the day in an unsafe environment, thus, the recently commissioned Police station in Iruekpen community,” he added.

Onobun urged “those behind these malicious fabrications,” to “desist from the politics of character assassination,” noting that “our community deserves leaders and citizens who promote unity, progress, and constructive dialogue not divisiveness and falsehood.”

He added: “I remain committed to the service of my people and to the peace, growth, and development of Iruekpen as my immediate community and the entire federal constituency at large. No amount of smear campaigns will deter me from fulfilling my mandate and standing for truth, justice, and good governance.”

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Democracy Day: FG Declares June 12 Public Holiday

Published

10 hours ago

June 8, 2025

Editor

The Federal Government has declared Thursday, 12th June, 2025 as Public Holiday in commemoration of this year’s Democracy Day celebration.

Permanent Secretary in the Ministry of Interior, Dr Magdalene Ajani in a statement on Sunday in Abuja said the Minister of Interior, Dr Olubunmi Tunji-Ojo, made the declaration on behalf of the Federal Government.

The minister congratulated Nigerians on the occasion of 26 years of uninterrupted civil rule.

He said; “June 12 represents our historic journey to building a nation where truth and justice reign and peace is sustained and our future assured.

“The last 26 years tells the story of our resilience, strength and courage and a hope Renewed than ever.”

Noting that democracy is sustained with open doors for further improvement, the minister reiterated the commitment of the Renewed Hope government of President Bola Tinubu to the universal value of democracy, based on freely-expressed will of the people in determining Nigeria’s political, economic, social and cultural systems.