Trump Media and Technology Group, Inc., which has been called the “mother of all meme stocks” since debuting on the stock market in late March, announced that its Truth Social platform will launch a live TV streaming platform. announced that it is moving towards Following the news, DJT stock closed down more than 14% on Tuesday. It ended trading down more than 18% on Monday. CNBC reports: Since Trump Media began trading as a public company on March 26, its stock price has fallen 67.7%, wiping out more than $5 billion in market capitalization. Trump Media's major shareholder is former President Donald Trump, who owns nearly 60% of the company's stock.
Earlier Tuesday, Trump Media said in a press release that it has “finished the research and development phase of our new live TV streaming platform and will begin expanding our proprietary content distribution network.” The company has announced a three-phase rollout of streaming content, the first of which will introduce Truth Social's content delivery network to stream live TV to apps for Android, iOS, and the web. The second phase will see the release of a standalone Truth Social streaming app for phones, tablets and other devices, and the third phase will see a similar app released for home televisions, according to Trump Media. “Streaming content is available on live TV, including news networks, religious channels, family-friendly content such as movies and documentaries, and other content that has been canceled, is at risk of cancellation, or is being suppressed on other platforms or services. “We expect that there will be increased emphasis on this,” Trump Media said in a release.
CEO Devin Nunes added in a statement: “We're excited to take Truth Social to the next big step.” “With our streaming content, we aim to provide a permanent home for high-quality news and entertainment that faces discrimination from other channels and content distribution services that find their audience on unfair grounds. There's a lot of great content out there that just can't be done, and we want to let these creators know that they'll soon have a guaranteed platform that won't get cancelled.”
