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Exclusive-Trump’s Truth Social app set for release Monday in Apple App Store, per executive

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Donald Trump’s new social media venture, Truth Social, appears set to launch in Apple‘s App Store on Monday, according to posts from an executive on a test version viewed by Reuters, potentially marking the return of the former president to social media on the U.S. Presidents Day holiday.

In a series of posts late on Friday, a verified account for the network’s chief product officer, listed as Billy B., answered questions on the app from people invited to use it during its test phase. One user asked him when the app, which has been available this week for beta testers, would be released to the public, according to screenshots viewed by Reuters.

“We’re currently set for release in the Apple App store for Monday Feb. 21,” the executive responded.

The launch would restore Trump’s presence on social media more than a year after he was banned from Twitter Inc, Facebook and Alphabet Inc’s YouTube following the Jan. 6, 2021, attack on the U.S. Capitol by his supporters, after he was accused of posting messages inciting violence.

On Feb. 15 Trump’s eldest son Donald Jr. posted on Twitter a screenshot of his father’s verified @realDonaldTrump Truth Social account with one post, or “truth,” that he uploaded on Feb. 14: “Get Ready! Your favorite President will see you soon!”

Led by former Republican U.S. Representative Devin Nunes, Trump Media & Technology Group (TMTG), the venture behind Truth Social, will join a growing portfolio of technology companies that are positioning themselves as champions of free speech and hope to draw users who feel their views are suppressed on platforms such as Twitter, Facebook and YouTube. So far none of the companies, which include Twitter competitors Gettr and Parler and video site Rumble, have come close to matching the popularity of their mainstream counterparts.

In addition to the post disclosing Monday’s launch date, the screenshots seen by Reuters show the app is now at version 1.0, suggesting it has reached a level ready for public release. As late as Wednesday, it was at version 0.9, according to two people with access to that version.

A representative for TMTG did not immediately respond to a request for comment.

Apple’s App Store listing indicates that Truth Social is expected to be released on Feb. 21, a date that a source familiar with the venture confirmed in January. But in recent weeks Nunes had said publicly that the app would launch by the end of March.

On Friday, Nunes was on the app urging users to follow more accounts, share photos and videos and participate in conversations, in an apparent attempt to drum up activity, according to a person with knowledge of the matter.

Among Nunes’ posts, he welcomed a new user who appeared to be a Catholic priest and encouraged him to invite more priests to join, according to the person with knowledge of the matter.

NO WAY TO EDIT ‘TRUTHS’

The chief product officer’s other responses during Friday’s question-and-answer session suggested the startup’s features would resemble those of Twitter.

Asked whether users would be able to edit their “truths,” the executive replied “not yet.” The ability to edit posts after publication is something Twitter users have long sought.

The next significant feature released on the platform will be direct messages, or DMs, between users, the executive wrote.

The company is also considering allowing users to sign up to receive notifications when others post content, the executive said. He signaled that the ability to block other users would be an important component.

“There will always be block functionality in the app,” he wrote.

Truth Social will issue a policy on verified accounts “in the coming weeks,” the executive added.

Even as details of the app begin trickling out, TMTG remains mostly shrouded in secrecy and is regarded with skepticism by some in tech and media circles. It is unclear, for example, how the company is funding its current growth.

TMTG is planning to list in New York through a merger with blank-check firm Digital World Acquisition Corp (DWAC), and stands to receive $293 million in cash that DWAC holds in a trust, assuming no DWAC shareholder redeems their shares, TMTG said in an Oct. 21 press release.

Additionally, in December TMTG raised $1 billion committed financing from private investors; that money also will not be available until the DWAC deal closes.

Digital World’s activities have come under scrutiny from the Securities and Exchange Commission and the U.S. Financial Industry Regulatory Authority, according to a regulatory filing, and the deal is likely months away from closing.

 

(Reporting by Julia Love in San Francisco and Helen Coster in New York; Editing by Kenneth Li and Daniel Wallis)

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‘It’s literally incredible’: Swifties line up for merch ahead of Toronto concerts

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TORONTO – Hundreds of Taylor Swift fans lined up outside the gates of Toronto’s Rogers Centre Wednesday, with hopes of snagging some of the pop star’s merchandise on the eve of the first of her six sold-out shows in the city.

Swift is slated to perform at the venue from Thursday to Saturday, and the following week from Nov. 21 to Nov. 23, with concert merchandise available for sale on some non-show days.

Swifties were all smiles as they left the merch shop, their arms full of sweaters and posters bearing pictures of the star and her Eras Tour logo.

Among them was Zoe Haronitis, 22, who said she waited in line for about two hours to get $300 worth of merchandise, including some apparel for her friends.

Haronitis endured the autumn cold and the hefty price tag even though she hasn’t secured a concert ticket. She said she’s hunting down a resale ticket and plans to spend up to $600.

“I haven’t really budgeted anything,” Haronitis said. “I don’t care how much money I spent. That was kind of my mindset.”

The megastar’s merchandise costs up to $115 for a sweater, and $30 for tote bags and other accessories.

Rachel Renwick, 28, also waited a couple of hours in line for merchandise, but only spent about $70 after learning that a coveted blue sweater and a crewneck had been snatched up by other eager fans before she got to the shop. She had been prepared to spend much more, she said.

“The two prized items sold out. I think a lot more damage would have been done,” Renwick said, adding she’s still determined to buy a sweater at a later date.

Renwick estimated she’s spent about $500 in total on “all-things Eras Tour,” including her concert outfit and merchandise.

The long queue for Swift merch is just a snapshot of what the city will see in the coming days. It’s estimated that up to 500,000 visitors from outside Toronto will be in town during the concert period.

Tens of thousands more are also expected to attend Taylgate’24, an unofficial Swiftie fan event scheduled to be held at the nearby Metro Toronto Convention Centre.

Meanwhile, Destination Toronto has said it anticipates the economic impact of the Eras Tour could grow to $282 million as the money continues to circulate.

But for fans like Haronitis, the experience in Toronto comes down to the Swiftie community. Knowing that Swift is going to be in the city for six shows and seeing hundreds gather just for merchandise is “awesome,” she said.

Even though Haronitis hasn’t officially bought her ticket yet, she said she’s excited to see the megastar.

“It’s literally incredible.”

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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Via Rail seeks judicial review on CN’s speed restrictions

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OTTAWA – Via Rail is asking for a judicial review on the reasons why Canadian National Railway Co. has imposed speed restrictions on its new passenger trains.

The Crown corporation says it is seeking the review from the Federal Court after many attempts at dialogue with the company did not yield valid reasoning for the change.

It says the restrictions imposed last month are causing daily delays on Via Rail’s Québec City-Windsor corridor, affecting thousands of passengers and damaging Via Rail’s reputation with travellers.

CN says in a statement that it imposed the restrictions at rail crossings given the industry’s experience and known risks associated with similar trains.

The company says Via has asked the courts to weigh in even though Via has agreed to buy the equipment needed to permanently fix the issues.

Via said in October that no incidents at level crossings have been reported in the two years since it put 16 Siemens Venture trains into operation.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:CN)

The Canadian Press. All rights reserved.



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Japanese owner of 7-Eleven receives another offer to rival Couche-Tard bid

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LAVAL, Que. – The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company, offering an alternative to the takeover bid from Alimentation Couche-Tard Inc.

The proposal for Seven & i Holdings Co. Ltd. is being made by Junro Ito, who is a vice-president and director of the company, and Ito-Kogyo Co. Ltd., a private company affiliated with him.

Terms of the non-binding offer by Ito were not disclosed.

In a statement Wednesday, Seven & i said its special committee has been reviewing the proposal with its financial advisers.

Stephen Hayes Dacus, chair of the special committee and board of directors of the company, said the company is committed to an objective review of all alternatives as it considers the proposals from Ito and Couche-Tard as well as the company’s stand-alone opportunities.

“The special committee and the company board will continue to engage with all parties in a manner designed to maximize value and will continue to act in the best interests of the company’s shareholders and other stakeholders,” he said in a statement.

The company noted that Ito has been excluded from all discussions within the company related to the offer and the bid by Couche-Tard.

Quebec-based Couche-Tard made a revised offer for Seven & i last month after an earlier proposal was rebuffed by the Japanese firm because it was too low and did not fully address U.S. regulatory concerns.

It did not respond to a request for comment about Ito’s offer.

RBC Capital Markets analyst Irene Nattel said the latest development underscored her belief that a Couche-Tard deal with Seven & i is a “low probability event.”

“Assuming attractive pricing and a fully-funded transaction, the potential privatization from a friendly Japanese group would seemingly provide investors with the value creation event they seek,” said Nattel, adding that it would skirt potential competition issues in the U.S. and concerns around the foreign takeover of a core local entity for Japanese regulators.

Couche-Tard has argued its proposal offers clear strategic and financial benefits and has said it believes the two companies can reach a mutually agreeable transaction.

However, the Japanese company has said there are multiple and significant challenges such a transaction would face from U.S. competition regulators.

Couche-Tard operates across 31 countries, with more than 16,800 stores. A successful deal with Seven & i could add 85,800 stores to its network.

Seven & i owns not only the 7-Eleven chain, but also supermarkets, food producers, household goods retailers and financial services companies.

This report by The Canadian Press was first published Nov. 13, 2024.

Companies in this story: (TSX:ATD)

The Canadian Press. All rights reserved.



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