Investors go all out for Trump’s media plan

TMTG’s Truth Social app will see a soft launch next month. Then, it will see a nationwide rollout early next year. The company is also working on a video-on-demand service dubbed TMTG+ that will feature entertainment programming, news and podcasts

PRAVASISAMWAD.COM

 Former US President Donald Trump has announced he is launching Trump Media & Technology Group (TMTG) and a ‘Truth Social’ app. This, he said, will rival big tech companies.

Trump, it may be recalled, is currently facing expulsion from social media for inciting the Jan. 6 Capitol insurrection. While experts were still debating on the issue, the stock market reacted with exuberance, even before Facebook, Twitter, and even Disney’s plan came into force.

TMTG plans to become a publicly listed company through a merger with Digital World Acquisition Corp. Though the merger is yet to be completed, Digital World Acquisition shares shot up post the announcement, $35.34, or 357 per cent, to $45.50, and changed hands more than 475 million times. Based in Miami, it is a special-purpose acquisition company, or SPAC, run by CEO Patrick Orlando, founder of the Benessere Investment Group who owns 18 per cent of Digital World’s stock.

The last time Trump ran a publicly traded company, his casino company, Trump Entertainment Resorts, it fared badly, and he had to file for bankruptcy several times, according to Fortune magazine

Trump had earlier attempted to launch a blog, but it failed miserably. TMTG’s Truth Social app, will see a soft-launch next month. It will see a nationwide rollout early next year. The company is also working on a video-on-demand service dubbed TMTG+ that will feature entertainment programming, news and podcasts.

According to the TMTG presentation, Facebook and Twitter to Netflix and Disney+ to CNN are its potential competitors with OANN, Newsmax and Fox News too falling in line and in times to come, it looks to becoming a power in cloud computing and payments, like Amazon, Microsoft, Google and Stripe.

The last time Trump ran a publicly traded company, his casino company, Trump Entertainment Resorts, it fared badly, and he had to file for bankruptcy several times, according to Fortune magazine.

***********************************************************************

Readers

These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.

Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world.  We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.

Please help us to keep our journalism independent and free.

In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.

For more information: pravasisamwad00@gmail.com