Jonathan Raa | Nuphoto | Getty Images
Trump Media shares fell more than 8% Tuesday morning after the company announced that its Truth Social platform would launch a live TV streaming platform.
The sharp fall in DJT shares came a day after they closed down more than 18%.
Trump Media’s majority shareholder is former President Donald Trump.
The company’s market capitalization has fallen by more than $5 billion since its shares went public on March 26 after a merger with shell company Digital World Acquisition Corp.
That day, Trump Media shares opened at more than $70 and climbed nearly $80.
Shares were selling for $24.33 as of 9:50 a.m. ET Tuesday.
Earlier Tuesday, Trump Media said in a press release that it “has completed the research and development phase of its new live TV streaming platform and will begin expanding its own content delivery network.” .
The company said it will roll out streaming content in three phases, the first of which will introduce Truth Social’s content delivery network to deliver live TV to the app for Android, iOS and 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 television, Trump Media said.
“Streaming content should focus on live TV, including news networks, religious channels, family content including movies and documentaries, and other content that has been canceled, is at risk of “be canceled or are removed on other platforms and services,” Trump Media said in its statement.
CEO Devin Nunes said in a prepared statement: “We are excited to move forward into the next big phase of Truth Social. »
“With our streaming content, we aim to provide a permanent home of high-quality news and entertainment that faces discrimination from other channels and content streaming services,” Nunes said. “There is a lot of great content out there that just isn’t finding an audience for unfair reasons, and we want to let these creators know that they will soon have a guaranteed platform where they won’t be canceled.”
This is breaking news. Please check again for updates.
cnbc
