Trump announces financial backers to launch his own social media platform in 2022

Former President Donald Trump announced Wednesday evening that he has lined up investment money to launch a publicly traded social media company and a new app, "Truth Social," he said would start an invite-only trial run in November and roll out nationwide in 2022. His investing partner is Digital World Acquisition, a special purpose acquisition company (SPAC) incorporated in Miami in December 2020 and listed on the Nasdaq stock exchange since September, with about $300 million in assets.
The details of "Trump's latest partnership were vague," The New York Times reports, and his press release "reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer," full of "high-dollar amounts and superlatives that could not be verified." Digital World Acquisitions did draw significant investments from some big Wall Street hedge funds in its initial public offering. But the "bottom line," Axios says, is that "there are not yet enough details to suggest that this deal has much legitimacy."
The CEO of Digital World Acquisition is Patrick F. Orlando, a former investment bank employee who has launched his own investment bank, as well as at least two other SPACs — or "blank check" companies designed to make future acquisitions — including a Cayman Islands–incorporated SPAC, Yunhong International, that is headquartered in Wuhan, China. Digital World Acquisition's chief financial officer is Luis Orleans-Braganza, a member of Brazil's National Congress.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
If the deal does go through, Trump's new holding company, Trump Media & Technology Group, would have access to nearly $300 million and Trump would finally have the social media outlet he has been promising, especially after he was kicked off all major social media platforms following the Jan. 6 insurrection. Truth Social's purpose, Trump's press release says, is "to create a rival to the liberal media consortium and fight back against the 'Big Tech' companies of Silicon Valley."
The app, from initial mockups, looks a lot like Twitter, and its terms of service forbid users to "disparage, tarnish, or otherwise harm, in our opinion, us and/or the site."
Trump Media & Technology Group also plans to launch its own subscription streaming service, TMTG+, headed by former game show and reality show producer Scott St. John.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
5 inexcusably hilarious cartoons about Ghislaine Maxwell angling for a pardon
Cartoons Artists take on the circle of life, Ghislaine's Island, and more
-
Ozzy Osbourne obituary: heavy metal wildman and lovable reality TV dad
In the Spotlight For Osbourne, metal was 'not the music of hell but rather the music of Earth, not a fantasy but a survival guide'
-
Codeword: August 2, 2025
The Week's daily codeword puzzle
-
Is Trump's tariffs plan working?
Today's Big Question Trump has touted 'victories', but inflation is the 'elephant in the room'
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
A potential railway megamerger raises monopoly questions
The Explainer Union Pacific and Norfolk Southern would create the country's largest railway operator
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Trump's threats to fire Jerome Powell are unsettling the markets
Talking Points Expect a 'period of volatility' if he follows through
-
AMC hopes new ticket discounts will reinvigorate the movie theater industry
In the Spotlight The theater chain now has 50% discounts on both Tuesdays and Wednesdays
-
The FTC is pushing back against false 'Made in the USA' claims
The Explainer The agency has dubbed July 2025 'Made in the USA' month