Trump’s social media platform set to launch on Feb. 21: Reports

Former President Donald Trump has long teased the release of a new social media platform to compete against the likes of Facebook and Twitter. Now, it’s actually happening.

The New York Post reports that Trump’s Truth Social platform is now available for pre-order in Apple’s App Store ahead of an expected launch on Presidents Day, Feb. 21.

The platform’s release will come a little more than 13 months after both Facebook and Twitter, among other platforms, banned the now-former president for allegedly inciting a riot at the U.S. Capitol.

A three-pronged plan

According to the Post, Truth Social is owned by Trump Media & Technology Group (TMTG), a company that is headed by now-former Rep. Devin Nunes (R-CA), who unexpectedly announced his retirement from Congress in December in order to take charge of the venture on behalf of the former president.

The app, which released a limited “beta” version for testing in November, will reportedly look and feel remarkably similar to its more established competitors in that it will feature a “feed,” as well as allow users to make and share posts and follow other users.

Reuters was the first to report on the imminent release of Trump’s Truth Social platform. In its report, Reuters noted that the app is merely the first step of a three-stage development plan that has been unveiled by TMTG.

The second stage will reportedly involve the launch of a subscription-based video-on-demand service called TMTG+ featuring news and entertainment, as well as podcasts. The final stage, Reuters reports, will be a new network devoted solely to hosting podcasts.

Stock surges in response

According to Reuters, TMTG’s stock price surged after news of the new social media platform’s release broke. The company was valued at $875 million in October before it merged with another Trump-created company, Digital World Acquisitions Corp. (DWAC), which collectively is now valued at $5.3 billion.

CNBC reported that the DWAC’s stock price rose by 20% on Thursday, closing with a price of $60.27 per share.

DWAC was initially valued at $10 per share prior to the October merger with TMTG, which temporarily spiked the price all the way up to $175 per share before a dip just before the recent surge.

According to CNBC, DWAC is what is known as a “blank-check” company or “special purpose acquisition company” (SPAC) that has no real underlying business associated with it, but merely exists as a venture to raise capital for the purpose of acquiring or merging with other existing companies.

Of course, Trump can’t really do anything without his Democratic opponents and rivals seeking to stymie him with accusations and investigations, and this is no different. The merger between DWAC and TMTG is reportedly under investigation by the federal Securities and Exchange Commission (SEC) and private Financial Industry Regulatory Authority (FINRA). According to Reuters, the probe came at the urging of Sen. Elizabeth Warren (D-MA).

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