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So it's not just the social media. According to the slide deck published on their website[0] it's also a news channel and an on-demand streaming service, with a possible long-term play to compete against the likes of AWS and Stripe. In their own words this is being done to "End the FAANG monopoly".

[0] https://ir.tmtgcorp.com/company-presentation/

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Theranos was going to have portable blood testing kits the size of an iPod. WeWork was going to build its own schools and neighborhoods.

It's all vaporware until proven otherwise.

It's a copycat venture with a distinguishing characteristic the existing players won't want or be able to compete with.

Yea, they still have to execute, but they're not exactly depending on any cutting edge technology or novel business plan to make it work.

Given John Malone’s recent overtures to Trump, it’s possible that this is a Liberty Media PIPE deal with the intent of adding Trump to Liberty’s channel lineup as a FOX/OANN competitor, which would be broadly consistent with their corporate strategy. Of course, this being Trump, it could also be a bunch of Russian oligarchs via private placement, so who the hell knows.

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