For as much as Donald Trump resents the “lamestream” media, from now on he must benchmark himself against it. Over the weekend, the blank-cheque vehicle Digital World Acquisition Corporation, which plans to merge with the nascent Trump Media and Technology Group, announced that it had raised $1bn in fresh cash.

On Monday, the companies finally disclosed the details on Trump’s plans. This will be a Trump-themed Twitter and Netflix cross, offering mass-market viewership loyal to MAGA values.

In typical fashion, Trump offered some loose revenue projections, but details were scant. The companies provided neither expense estimates nor cash flow projections in a very expensive industry to grow quickly. Yet the current trading price of the Digital World Spac implies a value for Trump’s pending media empire of roughly $9bn.