Trump Media shares close down more than 14%, company says Truth Social to launch TV streaming
The price of Trump Media shares closed trading more than 14% lower Tuesday, hours after after the company announced its Truth Social platform is moving to launch a live TV streaming platform.
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.
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.
