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Trump Media & Technology (NASDAQ:DJT) will launch a live video streaming platform — a move that initially saw the stock reversing higher from heavy Monday losses, but then resuming what has been a heavy downtrend since the stock went public via blank-check merger. As of 1:25 p.m. Tuesday, DJT had tumbled 14.8%.
Trump Media says it has completed six months of testing on the Web and iOS and it’s ready for a three-phase approach to bring live TV to its Truth Social network.
First, that means introducing its content delivery network to the Truth Social app on Android, iOS and the Web. That will be followed by releasing stand-alone Truth Social streaming apps for devices, and then by releasing streaming apps for home television, the company said.
That content will focus on live streaming news networks, religious channels, family-friendly content including feature films and documentaries, and “other content that has been canceled, is at risk of cancellation, or is being suppressed on other platforms and services.”
Trump Media stock (DJT) was down 5% in the first hour of Tuesday trading before moving to a double-digit loss later in the morning. Despite an initial surge lasting a couple of days, since going public March 26 the stock is down 55%.
Among related stocks, conservative-leaning streaming company Rumble (RUM) was up 0.4% early Tuesday before paring its own gain.
“We’re excited to move forward with the next big phase for Truth Social,” said TMTG CEO Devin Nunes. “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 services.”
The face of the social network — former president Trump — is currently standing trial in New York, with jury selection in its second day.
