"I created Truth Social and the Trump Media and Technology Group (TMTG) to stand up to the tyranny of the tech giants," Donald Trump said in a statement, adding that his platform should be launched in the first quarter of 2022.
The big Silicon Valley companies have "used their unilateral power to silence dissenting voices in America", he added.
"We live in a world where the Taliban has a huge presence on Twitter while your favourite American president has been silenced. This is unacceptable," continued Donald Trump.
89 million followers on Twitter
The Republican billionaire was ousted from Facebook, Twitter and YouTube after his supporters carried out a deadly assault on the Capitol during the ceremony certifying the victory of his rival Joe Biden in the presidential election on 6 January.
Before he was banned, Donald Trump had nearly 89 million followers on Twitter, where he had announced a number of major presidential decisions and thunderous dismissals, as well as 35 million on Facebook and 24 million on Instagram.
Beta version in November
The former president had been promising for months that he would soon be creating his own social network. The "Truth Social" platform will be available in beta version by invitation from November 2021, the press release states.
The billionaire's new media group, TMTG, will also include a video-on-demand service with entertainment programmes and 'non-woke' podcasts.
Text RTS.ch ats/nr