The Trump Media and Technology Group (TMTG) and Digital World Acquisition Corporation entered into a definitive merger agreement and is set to launch a social network named "TRUTH" Social.

"Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval," TMTG said in a statement.

Former US President Donald Trump, the company chairman, in the statement said he 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 favourite American President has been silenced.

"I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all," Trump added.

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, according to the release.

(With Inputs from ANI)