Donald Trump is coming to Nasdaq.
Trump Media & Technology Group introduced itself to the world on Wednesday evening with a press release from Palm Beach, Florida, announcing a merger agreement with the Nasdaq-traded special acquisition vehicle Digital World Acquisition Corp.
“Trump Media & Technology Group's mission is to create a rival to the liberal media consortium and fight back against the 'Big Tech' companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America,” the news release proclaims.
TMTG plans to launch its own social media platform, TRUTH Social. Through the agreed merger with Digital World, the venture would gain access to more than $200m in capital to develop the former president’s vision for a social network unfettered by censorious tech leaders.
“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,” Trump says in the press release.
TMTG also plans to roll out a streaming service called TMGT+ and something called TMTG News, according to the release and content on the TMTG website.
Merger partner’s background
Digital World was launched in May and listed on Nasdaq in September. It holds assets worth $293m in trust, the press release says.
When first listed, Digital World described its focus for acquisition targets as “middle-market emerging growth technology-focused companies in the Americas, in the SaaS and Technology or Fintech and Financial Services sector.”
The company is led by CEO Patrick Orlando and CFO Luis Orleans-Braganza, according to its filings.
Orlando is a financier with previous experience in special acquisition ventures and capital markets. Orleans-Braganza is a Brazilian politician whose biography on the legislature’s website lists previous work experience at Morgan Stanley and Lazard Frères.
“Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value,” Orlando says in the press release.
The press release promises a filing with the Securities and Exchange Commission (SEC) regarding the transaction, although no filing was available on the SEC’s EDGAR service at 11pm New York time.