Trump Media To Go Public Via $1.7 Billion SPAC Deal, Aims to Fight the Big Tech

October 21, 2021 7:29 AM EDT

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Trump Media & Technology Group announced it has agreed to merge with the special purpose acquisition company Digital World Acquisition Corp. (NASDAQ: DWAC) in a deal worth up to $1.7 billion.

TMTG is valued at $875 million initially, with an additional $825 million available in additional shares. The company will raise $293 million from the DWAC’s cash in trust.

Trump Media aims to create a “rival to the liberal media consortium” and fight back against the Big Tech. The plan also included the launching of a social network called “TRUTH Social.”

“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I'm excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!,” President Trump said in a press release.

"Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose,” added Patrick F. Orlando, Chairman/CEO of DWAC.

TMTG also intends to launch a subscription video on demand service (TMTG+).

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