Donald Trump announces plans to launch new social network called TRUTH Social

Former US President Donald Trump stated on Wednesday that he will create his own social networking platform dubbed "TRUTH Social," which will go live in beta next month for "invited visitors."

Trump Media & Technology Group (TMTG) will own the platform, which also plans to develop a subscription video on demand service with "non-woke" entertainment programming, according to a statement.

Trump Media & Technology Group (TMTG) will own the long-awaited platform, which also plans to establish a subscription video on-demand service with "non-woke" entertainment programming, according to a statement.

"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 was quoted as saying in the statement.

"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," he continued.

According to the release, Trump Media & Technology Group would merge with blank check company Digital Acquisition Corp to become a publicly traded corporation.

"The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion depending on the performance of the stock price post-business combination," it stated.

Trump has been seeking for ways to recapture his internet platform since he was banned from the world's leading social networks as punishment for inciting the mob that ravaged Congress on January 6.

He debuted a blog named "From the Desk of Donald J. Trump" in May, which was heralded as a major new channel. In the aftermath of the Capitol chaos, Trump was banned from Instagram, YouTube, and Snapchat, and the blog was deleted barely a month later.

Jason Miller, a former Trump advisor, created the social network Gettr earlier last year, but the former president has yet to join.