Feed: Slashdot
Feed Link: https://slashdot.org/
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Title: Trump Media Shares Down 14% After Company Says Truth Social To Launch
TV Streaming

Link: https://entertainment.slashdot.org/story/24/0...

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."

Read more of this story at Slashdot.

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