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Trump Media shares fell by more than 10% on Tuesday morning after the company announced its Truth Social platform is moving to launch a live TV streaming platform.
The plummet of DJT shares came a day after they closed more than 18% lower.
Trump Media’s majority shareholder is former President Donald Trump, who holds nearly 60% of its stock. Trump is in court in New York for jury selection in his criminal hush money case.
The company’s market capitalization has decreased by more than $5 billion since its stock began public trading on March 26 after a merger with shell company Digital World Acquisition Corp.
Trump Media shares that day opened at more than $70 and soared to nearly $80.
Shares were selling for $25.11 as of 10:11 a.m. ET Tuesday.
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.”
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