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Trump Media Shares fell more than 10% on Tuesday morning after the company announced that its Truth Social platform would launch a live TV streaming platform.
DJT shares plunged a day after closing down more than 18%.
The largest shareholder of Trump Media is former President Trump, who holds nearly 60% of its shares. Trump is in court in New York for jury selection in his criminal hush money case.
The company’s shares have lost more than $5 billion in market value since they began trading publicly on March 26 after merging with shell company Digital World Acquisition Corp.
Trump Media shares opened at over $70 that day and then surged to nearly $80.
The stock was selling for $25.11 as of 10:11 a.m. ET on Tuesday.
Earlier on Tuesday, Trump Media said in a press release that it “has completed the research and development phase of a new live TV streaming platform and will begin expanding its content delivery network.”
The company said it will roll out streaming content in three phases, with the first phase introducing Truth Social’s content delivery network for streaming live TV to Android, iOS and web apps.
Trump Media said the second phase will see the release of standalone Truth Social streaming apps for phones, tablets and other devices, while the third phase will see the release of such apps for home TVs.
“Streaming content is expected to focus on live television, including news networks, religious channels, family-friendly content including movies and documentaries; and other content that has been canceled, is at risk of cancellation, or has been suppressed on other platforms and services.” , Trump Media said in a press release.
“We are excited to advance into this next important phase of Truth Social,” CEO Devin Nunes said in a prepared statement.
“Through our streaming content, our goal is to provide a permanent home for high-quality news and entertainment that faces discrimination from other channels and content delivery services,” Nunes said. “There’s a lot of great content that’s simply not finding an audience for unfair reasons, and we want these creators to know that they’ll soon have a guaranteed platform that won’t be cancelled.”
This is breaking news. Please check back for updates.
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