Trump Media shares close down more than 14%, company says Truth Social to launch TV streaming

The
price
of


Trump
Media
shares
closed
trading
more
than
14%
lower
Tuesday,
hours
after
after
the

company
announced
its

Truth
Social
platform
is
moving
to
launch
a
live
TV
streaming
platform.

The
sharp
fall
of

DJT
shares
came
after
they
ended
trading
Monday
on
the
Nasdaq
down
by
more
than
18%.

DJT
closed
at
$22.84
per
share,
14.17%
lower
than
the
opening
price.

The
stock’s
price
has
dropped
by
a
whopping
67.7%
since
Trump
Media
began
trading
as
a
public
company
on
March
26,
erasing
more
than
$5
billion
in
market
capitalization.

Trump
Media’s
majority
shareholder
is
former
President

Donald
Trump,
who
holds
nearly
60%
of
its
stock.

Trump
was
in
court
in
New
York
on
Tuesday
for
his
criminal
hush
money
trial,
where
the
first
six
jurors
were
picked.

Earlier
Tuesday,
Trump
Media
in
a
press
release
said
it “has
finished
the
research
and
development
phase
of
its
new
live
TV
streaming
platform
and
will
begin
scaling
up
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
for
streaming
live
TV
to
the
app
for
Android,
iOS
and
web.

Phase
two
will
release
stand-alone
Truth
Social
streaming
apps
for
phones,
tablets
and
other
devices,
while
phase
three
will
release
such
apps
for
home
television,
Trump
Media
said.

“The
streaming
content
is
expected
to
focus
on
live
TV
including
news
networks,
religious
channels,
family-friendly
content
including
films
and
documentaries;
and
other
content
that
has
been
cancelled,
is
at
risk
of
cancellation,
or
is
being
suppressed
on
other
platforms
and
services,”
Trump
Media
said
in
its
release.

CEO
Devin
Nunes
in
a
prepared
statement
said, “We’re
excited
to
move
forward
with
the
next
big
phase
for
Truth
Social.”

“With
our
streaming
content,
we
aim
to
provide
a
permanent
home
for
high-quality
news
and
entertainment
that
face
discrimination
by
other
channels
and
content
delivery
service,”
Nunes
said. “There
is
a
lot
of
great
content
that
simply
can’t
find
an
audience
for
unjust
reasons,
and
we
want
to
let
these
creators
know
they’ll
soon
have
a
guaranteed
platform
where
they
won’t
be
cancelled.”

Trump
Media,
which
had
been
privately
held,
merged
on
March
15
with
a
so-called
special
purpose
acquisition
company,
or
SPAC,
which
was
created
to
take
such
a
firm
public.