Donald Trump’s social media empire has announced plans to launch a streaming platform. The company’s stock price continued to fall.
Trump Media & Technology Group, the owner of Truth Social Inc., has been under pressure since its stunning debut on the stock market last month, leaving the former president with a huge stake worth about $4.9 billion on paper. has been done.
TMTG stock fell more than 10% in early trading Tuesday, losing more than half its value since it merged with a shell company and went public. The company said earlier this week that it may sell millions more shares in the coming months.
The recent decline comes despite news of ambitious expansion plans. President Trump’s small social network, TruthSocial, plans to expand beyond microblogging and into live streaming.
TMTG says it will feature news networks, religious channels, “family” movies, and “other content that has been canceled, is at risk of cancellation, or suppressed on other platforms or services.” .
Such content will be added to Truth Social’s existing apps and websites. TMTG says it plans to release a standalone streaming app for phones and tablets later, before doing the same for smart TVs.
TMTG CEO Devin Nunez said: “We are excited to take Truth Social to the next big stage. Our streaming content will provide a permanent home for high-quality news and entertainment that is unmatched by other channels and content distribution services. We aim to do so.
“There’s a lot of great content that can’t find an audience for all the wrong reasons, and we want to let these creators know that they’ll soon have a guaranteed platform that won’t get cancelled.”
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Although this announcement failed to reverse TMTG’s decline in the market, trading in the company’s stock remains volatile. It narrowed its losses at one point on Tuesday, but fell further.
In recent months, TMTG (and its merger partner Digital World) has seen a rise in the number of so-called memes, boosted by internet memes (in the company’s case, posted on platforms such as Truth Social, encouraging retail investors to buy). It is increasingly seen as a stock.
