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Trump media Shares fell more than 10% on Tuesday morning after the company said its Truth Social platform will launch a live TV streaming platform.
The plunge in DJT shares came a day after they closed more than 18% lower.
Trump Media’s majority shareholder is former President Donald Trump, who owns nearly 60% of the shares. Trump is on trial in New York over jury selection in his criminal hush money case.
The company’s market capitalization has fallen by more than $5 billion since its shares closed on March 26 following a merger with shell firm Digital World Acquisition Corp. went public.
Trump Media shares opened that day at over $70 and then rose to nearly $80.
As of 10:11 a.m. ET on Tuesday, shares were selling for $25.11.
Earlier on Tuesday, Trump Media said in a press release that the company “has completed the research and development phase of its new live TV streaming platform and will begin building out its own content delivery network.”
The company said it will roll out streaming content in three phases. The first phase will introduce Truth Social’s content delivery network for streaming live TV to the app for Android, iOS and the web.
Phase two will release standalone Truth Social streaming apps for phones, tablets and other devices, while phase three will release such apps for home viewing, Trump Media said.
“Streaming content is expected to focus on live TV including news channels, religious channels, family-friendly content such as films and documentaries, and other content that has been canceled, is at risk of being canceled or is being suppressed on other platforms and services. “,” Trump Media said in its press release.
CEO Devin Nunes said in a prepared statement, “We are excited to move forward with the next big phase for Truth Social.”
“Our streaming content aims to provide a permanent home for quality news and entertainment that is discriminated against by other channels and content delivery services,” Nunes said. “There is a lot of great content that simply isn’t finding an audience for unwarranted reasons, and we want to let these creators know that they will soon have a guaranteed platform where they won’t be dropped.”
This is breaking news. Please check back for updates.
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2024-04-16 17:21:13
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