Trump's Truth Social Set For Release But Firm's Funding Still In Doubt

Donald Trump's new social media venture, Truth Social, appears set to launch in Apple's App Store on Monday, according to posts from an executive on a test version viewed by Reuters, potentially marking the return of the former president to social media on the US Presidents Day holiday, Julia Love and Helen Coster reported.

Photo Insert: TMTG, the venture behind Truth Social, will join a growing portfolio of technology companies that are positioning themselves as champions of free speech.

In a series of posts late on Friday, a verified account for the network's chief product officer, listed as Billy B., answered questions on the app from people invited to use it during its test phase. One user asked him when the app, which has been available this week for beta testers, would be released to the public, according to screenshots viewed by Reuters.

"We're currently set for release in the Apple App store for Monday, Feb. 21," the executive responded. The launch would restore Trump's presence on social media more than a year after he was banned from Twitter Inc., Facebook, and Alphabet Inc.'s YouTube following the Jan. 6, 2021, attack on the US Capitol by his supporters, after he was accused of posting messages inciting violence.

Even as details of the app begin trickling out, Trump Media & Technology Group (TMTG) remains mostly shrouded in secrecy and is regarded with skepticism by some in tech and media circles. It is unclear, for example, how the company is funding its growth.

TMTG is planning to list in New York through a merger with blank-check firm Digital World Acquisition Corp. (DWAC), and stands to receive $293 million in cash that DWAC holds in a trust, assuming no DWAC shareholder redeems their shares, TMTG said.

In December, TMTG raised $1 billion committed financing from private investors but the money will not be available until the DWAC deal closes. Digital World's activities have come under scrutiny from the Securities and Exchange Commission (SEC) and the US Financial Industry Regulatory Authority, according to a regulatory filing, and the deal is likely months away from closing.

Led by former Republican US Rep. Devin Nunes, TMTG, the venture behind Truth Social, will join a growing portfolio of technology companies that are positioning themselves as champions of free speech and hope to draw users who feel their views are suppressed on platforms such as Twitter, Facebook, and YouTube.

So far none of the companies, which include Twitter competitors Gettr and Parler and video site Rumble, has come close to matching their mainstream counterparts.

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