Former US President Donald Trump announced his intention to create his own social network after Twitter permanently blocked and other services (Facebook, YouTube, TikTok, etc.) temporarily froze his accounts. Formally, they made such a decision because of his statements during the storming of the Capitol in January 2021 – the leadership of social networks saw signs of incitement to violence in Trump’s posts. Trump called the lockdown a disgrace to the US. He noted that he was deprived of freedom of speech because “radical left-wing fools are afraid of the truth.”
In October 2021 Trump announced about the development of the TRUTH Social social network, which should become a competitor to the “liberal media consortium”. His media company, Trump Media & Technology Group (TMTG), has raised $1 billion to build the app. As noted Reuters, the social network is available in beta mode from February 21. Formerly TMTG informedthat, and the full launch of TRUTH Social is scheduled for the first quarter of 2022.
In 2016, shortly after Trump’s victory in the presidential election, the Federal Government Ethics Commission told him to give up his existing assets in order to avoid a possible conflict of interest. At the time, Trump refused to do so, which, according to Forbes, cost him $2 billion. Analysts believed that Trump’s fortune could grow by 80%, to $4.5 billion, if, following the recommendations of experts, he sold his assets in 2016. covered existing debts and taxes, and then prudently invested the remaining funds.