Shares of Trump Media & Technology Group (DJT) fell more than 10% on Tuesday after the company announced it is launching a new live TV streaming platform.
According to a press release, Trump Media – the parent company of Donald Trump’s social media platform Truth Social – will launch the livestreaming service on phones, tablets and TV via the Truth Social app.
“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 canceled, is at risk of being canceled or is suppressed on other platforms and services,” the publication said.
Trump Media went public on the Nasdaq after merging with special purpose acquisition company Digital World Acquisition Corp. in a deal approved by shareholders late last month. Shares are down more than 60% since late March.
Shares tumbled on Monday following news that the company had filed to issue more than 21 million shares.
Trump has about a 60% stake in Truth Social. At current trading levels of about $23.40 per share, Trump Media has a market cap of roughly $3.2 billion, giving the former president a share of about $1.9 billion. Immediately after the company’s public debut, Trump’s stake was worth just over $4.5 billion.
The former president founded Truth Social after being kicked off major social media apps like Facebook and Twitter, the platform now known as
According to an updated filing published earlier this month, Trump Media reported revenue of just over $4 million, while net losses reached nearly $60 million for the full year ended December 31. The company warned that it expects losses to continue amid heightened profitability challenges.
The filing also confirmed that stakeholders are still subject to a six-month lock-up period before selling or transferring shares. The only exception to the lock-up period would be if the company’s board votes to grant a special dispensation. While possible, experts told Yahoo Finance last month that the attempt would likely result in multiple lawsuits on behalf of public shareholders.
Trump faces a $454 million fraud fine and is grappling with a campaign fund shortage ahead of his 2024 election rematch against Biden.
Trump recently posted a $175 million bond in the fraud case, putting the final payment on hold while he appeals the verdict.
Alexandra Canal is a senior reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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