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Trump launches his own social media site to resist 'tyranny of Big Tech' - World

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The social media platform announcement followed the October 20, 2021, merger of Trump Media & Technology Group with special-purpose acquisition company (SPAC) Digital World Acquisition Corp. The merger values the Trump Media & Technology Group at $875 million, as of October 21, 2021. On October 21, 2021, shares of Digital World Acquisition Corp. rose by 400% following the announcement of Truth Social. Trading of the company's stock was halted multiple times due to its volatility.

SPACs are structured such that they first sell shares to the public and then raise funds from investors to later acquire a private company, the identity of which cannot be known by investors in advance. Some investors were surprised to learn that their investment money was being used to finance a Trump company. SPACs have long had questionable reputations because they can give companies access to public markets that would otherwise be difficult, due to a poor or nonexistent track record.

Former President of the United States Donald Trump raised the prospect of building a new social media platform after he was banned from Facebook and Twitter in 2021, following his response to the 2021 United States Capitol attack.