Trump Media Shares Down 14% After Company Says Truth Social To Launch TV Streaming

Trump Media & Technology Group Corp., which has been called the "mother of all meme stocks" after it made its stock market debut in late March, announced that its Truth Social platform is moving to launch a live TV streaming platform. Following the news, shares of DJT closed more than 14% lower Tuesday. They ended trading Monday down by more than 18%. CNBC reports: 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. 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. "We're excited to move forward with the next big phase for Truth Social," added CEO Devin Nunes in a statement. "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. 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."

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