Special purpose acquisition company Digital World Acquisition is set to acquire Trump Media & Technology Group, according to a filing with the Securities and Exchange Commission (SEC).

  • The transaction values TMTG at a cumulative valuation of up to $1.7 billion, including an initial enterprise value of $875 million and a potential additional earnout of $825 million in additional shares.
  • TMTG plans to roll out a social-media platform dubbed Truth Social in the coming months, followed by an on-demand video streaming service that will cover “non-woke” content.
  • The company aims to compete with giants such as Apple, Amazon, Disney, Netflix, Alphabet, Microsoft, and Facebook, as it seeks to galvanize the conservative media.

Former President Donald Trump was earlier suspended from various social media networks after the attack on the US Capitol. DWAC is up 216.48%,