Donald Trump to launch social media app TRUTH Social

Former President Donald Trump is set to launch his own social media app.

Trump Media and Technology Group and Digital World Acquisition Group, which is already listed on the Nasdaq, have entered into a merger to form a new company, chaired by the former president.

Trump says the group will form "a rival to the liberal media consortium."

Its first step will be launching a new social media platform called TRUTH Social. A beta version will be available to invited guests in November.

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"We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced," Trump said in an official statement.

According to the release, the company was formed using a special purpose acquisition company, or SPAC, which the Securities and Exchange Commission's website says is a "popular vehicle for various transactions, including transitioning a company from a private company to a publicly traded company." The SEC says these companies are often referred to as "blank check companies."

It's currently unclear who else is behind the SPAC that is launching Trump's new platform.

The former president and his advisers have hinted since he left office that he was considering creating a rival platform to Facebook and Twitter, after the social media giants suspended his accounts following the Jan. 6 attack on the Capitol.

Trump's announcement comes only months after his longtime aide Jason Miller launched his own social media company called GETTR in July.

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