By(RSBN)Trump Media Group and Technology Group Corp. (TMTG) announced on Saturday that it is proceeding with a $1 billion subscription agreement in committed capital with Digital World Acquisition Group (DWAC) to be received upon the “consummation of their business combination” (Trump Media Group and Digital World Acquisition Group).
This business venture, which will combat the monopolistic empire of “Big Tech” social platforms like Facebook and Instagram, is a step forward in the direction of procuring freedom of speech in social media again, something that has long been anticipated by conservatives who have been hoping to see the launch of a new, Trump-sponsored online platform.
President Trump, who is the chairman of TMTG, stated the following about the business venture:
“$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.”
In October, President Trump teased the launch of Truth Social, his recently announced social media platform, which he has promised will not censor or ban anyone for their opinions or political statements.
“The corruption of these platforms [Facebook, Twitter, etc] cannot be ignored,” he stated previously through his Save America PAC. He continued, “We have fallen far down the ‘slippery slope’ of censorship in our country, and the topics that Americans are increasingly forbidden to debate are among the most important issues of our day. The wildly aggressive censorship and ‘cancel culture’ is not only unAmerican – it has direct, real-world consequences.”
President Trump also addressed the need for free speech in the realm of social media when he announced Truth Social, especially in an age when most of the news that people read or hear about comes from an online source.
In January, Twitter infamously banned President Trump from using his own Twitter account, the first time in history that a sitting president had been banned by any social media website. He stated, “…the silencing and cancellation also affects our country in more subtle, but equally destructive, ways. How many Americans no longer trust a word they hear from their leaders, media, or public health officials, because the one thing they know for certain is that they are not getting the full story?”
This newest business venture from President Trump will likely supercharge the expediency and efficiency of his efforts to combat the media oligarchy of media. $1 billion is no small sum, and it highlights the enthusiasm that business investors have in the development of social media spaces that will cultivate free speech and reporting.