Trump says he’s the only one who can challenge Big Tech after the stocks of new ventures fall.

Donald Trump On Tuesday, he said he was “the only person in America” ​​ready to challenge Big Tech’s “censorship”-the shares of the company behind his new social media venture, Truth Social. I fell on the second day.

He was torn by “very aggressive censorship” on existing social media platforms and accused “cultural cancellation” as a “non-American.”

The former president issued a long statement through the new company, Trump Media & Technology Group, explaining why he launched a social media site. He said, “About saving our country.”

“The closer we look at this issue, the more major new platforms must enter the market with a firm determination to protect lively debate from all sides in order to restore freedom of speech. I noticed, “said Mr. Trump.

He said plans to be “totally independent of Big Tech’s infrastructure” would be costly, “welcome not only Republicans, but also independents and Democrats, and need to quickly attract millions of users. “He added.

“It’s a very difficult set of challenges, and I realized that I might be the only one who has the megaphone, the resources, the experience, and the desire to make it all happen,” he said.

“So, with the same” can “spirit that Americans have always allowed to endure, that’s exactly what I do. “

Trump accused Big Tech leaders of acting as an “oligarchy” and vowed to welcome people from all political parties to his new social media site.

But his company went into some early financial struggle when it saw a company planning to list it publicly its value dropped by more than 19 percent as of Tuesday afternoon. May have bumped

He removed himself from Facebook and Twitter by “High Tech Giants’ Little Oligarchy” and blocked the New York Post’s report on Hunter Biden’s laptop weeks before the election day. Opposed the case of Big Tech censorship.

“We’ve seen an important report on Joe Biden’s foreign commerce. This is information that voters need to hear and deserve to hear, and the Internet just weeks before the presidential election. And, as we all know, we are virtually silenced by the small heads of high-tech giants and “mainstream” media companies. I’ve seen it, “said Trump.

Trump went a step further and accused Joe Biden of “cultural cancellation” of the crises he had seen under the president.

“The most obvious are the many catastrophes underway under the current administration: the disastrous withdrawal of Afghanistan, disasters at the southern border, runaway inflation, and trillions of dollars of socialists spending nightmares. That’s it, “he said.

Trump says his site is “all politically striped people, and all different perspectives come back and participate in the great American debate,” and that it is “free and lively.” When I promised to be, I made an unusually comprehensive tone. It’s as lively and diverse as America itself.

Truth Social, Trump’s social media company, will be widely launched in early 2022.

According to the former president, Truth Social’s lunch pad, Trump Media & Technology Group, is also looking to roll out streaming services, web services and payment processing companies.

Trump Media & Technology Group Merger Agreement

Trump Media & Technology Group will merge with Digital World Acquisitions Corps to launch a social media and video streaming service tailored for former President Donald Trump’s conservatives and supporters.

DWAC is a Miami-based special purpose acquisition company with a $ 293 million trust to fund the launch of TMTG as a publicly traded company.

The initial value of TMTG is expected to be $ 875 million and the potential additional revenue is expected to be $ 825 million, for a total of $ 1.7 billion.

The Trump Media & Technology Group has no revenue or tested business plans, but has raised nearly $ 300 million in investor cash.

However, the company said it was early when the shares of Digital World Acquisition Corporation (DWAC), which puts Trump’s business on the market, soared more than 800% later and then sank more than 19% from the beginning of the day. I was in a mess. last week.

On Monday, short-selling Iceberg Research announced that it was betting on the company, its share price closed at just under 11%.

Friday’s share price rose 107% to $ 94.20 after hitting a high of $ 175. With a 356.8% rise on Thursday, some market specialists likened trading at DWAC to the frenzy of meme stock trading led by Reddit message board WallStreetBets earlier this year.

The forum was once again filled with posts celebrating the victory and loss of grief over the violent market volatility of stocks from Thursday to Friday. Many thanked “Daddy Trump” and ridiculed Joe Biden with the alt-right meme “Let’s go to Brandon.”

But on Monday, a company called Iceberg Research announced that it was betting on a massive surge in DWAC.

“Now that the initial excitement has passed, in the near future we will only see risks for investors. Based on Trump’s track record, at current prices, due to renegotiations, many of the companies after the merger will be for him. It’s likely to be maintained, “the company posted on Twitter.

Truth Social got off to a difficult start last week when it was hacked hours after the beta site was announced.

The tech reporter was able to find the site, even though the URL wasn’t published yet, and set up a mock account to represent Trump and Mike Pence.

Trump, Chairman of the Trump Media & Technology Group, announced that the site will be launched in early 2022.

Public URLs quickly went offline, and fake accounts were immediately banned.

In addition, according to Washington Post reporter Drew Harwell, the prankster created a fake playing card account and used it to post a meme image of a “pig poop ball.”

Trump intensified his accusations of Big Tech’s “censorship” earlier this year after being kicked off by Facebook and Twitter after the Capitol riots.

The TRUTH Social app is currently available for pre-order on the Apple App Store and will be released in beta for testers in November.

On the Trump Media & Technology Group website, the company outlines its goal of “creating a media powerhouse comparable to the liberal media consortium and fighting big tech companies in Silicon Valley.”

It is intended to disrupt a wide range of media businesses such as Facebook, Amazon, Apple, Netflix and Google.

Alongside social media sites, Trump is also aiming to launch an on-demand streaming service called TMTG + that promises to provide “non-wake entertainment.”

The 22-page presentation published on the company’s site details why the brand claims the situation is right, without mentioning how it intends to foresee its ambitious goals.

Other stocks associated with the former Republican president also fell on Tuesday. Shares in Phunware, a company hired to build a phone app in Trump’s 2020 presidential election campaign, have recently fallen 31.7% to 4.89 after applying for an (ATM) equity program in the $ 48.5 million market. It was.

Trump says he’s the only one who can challenge Big Tech after the stocks of new ventures fall.

Source link Trump says he’s the only one who can challenge Big Tech after the stocks of new ventures fall.

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