Sipa USA
Shares of the Trump Media conglomerate fell more than 10% on the Nasdaq index on Tuesday after the company, of which former President Donald Trump is the main owner, announced that its Truth Social application will offer a streaming television platform '.
This collapse of Trump Media on the New York Stock Exchange occurs a day after its shares closed with a drop of more than 18% and when the former US president attends the second day of his criminal trial in a Manhattan court, the first of a criminal nature in US history against a former ruler.
The company of which the former US president owns 60%, and whose creation began after his suspension from Facebook and Twitter (today workhorse also in the live television market.
“We want our streaming content to focus on live television, including news networks, religious channels, family channels (…) and other content that has been canceled or is at risk of cancellation,” explained Trump Media. in a statement this Tuesday.
In addition, the executive director of Truth Social, Devin Nunes, detailed that the project will include three phases: a first in which the streaming will be distributed through the usual application to continue releasing an external platform that will finally land on home television .
“Our goal is to provide a permanent home for high-quality news and entertainment that faces discrimination from other channels (…) There is great content that simply does not find an audience for unfair reasons,” added Nunes.
Despite this new implementation, Truth Social, which officially debuted in February 2022, has not yet revealed its active user count data, but has revealed a net loss of $58.2 million and revenue of just $4. .1 million in 2023.
Trump Media began trading on the stock market on March 26 with a price per share of $70.90, but in less than a month it has fallen to approximately $23, a collapse that has caused its capitalization to exceed $6 billion. dollars to about 3.2 billion.
