Shares of Trump Media & Technology Group, the company responsible for launching former President Donald Trump’s social media platform Truth Social, experienced a significant decline after announcing the introduction of a streaming platform. The new service, set to include live TV channels such as news, religious content, and “family-friendly” shows, aims to showcase content that has been censored or suppressed on other platforms. Trump Media emphasizes the platform’s independence from major tech companies, aligning with the free-speech mission of Truth Social.
Following the streaming platform launch announcement, Trump Media’s stock plummeted more than 10%, trading at $23.85 per share and reducing the company’s market capitalization to under $3.4 billion. Despite experiencing a sharp decline in market value, Trump Media remains focused on expanding and diversifying Truth Social’s content offerings. CEO Devin Nunes highlighted the importance of providing a platform for creators facing discrimination and censorship, positioning the streaming service as a refuge for high-quality news and entertainment that struggles to find an audience elsewhere.
Since its highly publicized debut, Trump Media’s stock has faced continued challenges, with financial disclosures revealing substantial losses in operations and minimal revenue generation. The company’s stock value further declined after registering the resale of its outstanding securities, contributing to ongoing concerns regarding profitability. Nunes remains optimistic about the company’s prospects, asserting that Trump Media is well-positioned for success despite current market fluctuations and uncertainties.