Trump administration's social media empire launches streaming platform despite falling stock price | Donald Trump
Donald Trump's social media empire has announced plans to launch a streaming platform. The company's stock price continued to fall.
Trump Media & Technology Group, owner of Truth Social, Stunning stock market debut Last month, the former president left behind a huge stake worth about $4.9 billion on paper.
TMTG stock fell more than 10% in early trading Tuesday, losing more than half its value since it merged with a shell company and went public.Earlier this week, the company disclosed The company said it could sell millions more shares in the coming months.
The recent decline comes despite news of ambitious expansion plans. President Trump's small social network, TruthSocial, plans to expand beyond microblogging and into live streaming.
TMTG says it will feature news networks, religious channels, “family” movies, and “other content that has been canceled, is at risk of cancellation, or suppressed on other platforms or services.” .
Such content will be added to Truth Social's existing apps and websites. TMTG says it plans to release a standalone streaming app for phones and tablets later, before doing the same for smart TVs.
TMTG CEO Devin Nunez said: “We are excited to take the next big step for Truth Social. Our streaming content will provide a permanent home for high-quality news and entertainment that is unmatched by other channels and content distribution services. We aim to do so.
“There's a lot of great content that can't find an audience for all the wrong reasons, and we want to let these creators know that they'll soon have a guaranteed platform that won't get cancelled.”
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Although this announcement failed to reverse TMTG's decline in the market, trading in the company's stock remains volatile. It narrowed its losses at one point on Tuesday, but fell further.
In recent months, TMTG (and its merger partner Digital World) has seen a rise in the number of so-called memes, boosted by internet memes (in the company's case, posted on platforms such as Truth Social, encouraging retail investors to buy). It is increasingly seen as a stock.
Summarize this content to 100 words Donald Trump's social media empire has announced plans to launch a streaming platform. The company's stock price continued to fall.Trump Media & Technology Group, owner of Truth Social, Stunning stock market debut Last month, the former president left behind a huge stake worth about $4.9 billion on paper.TMTG stock fell more than 10% in early trading Tuesday, losing more than half its value since it merged with a shell company and went public.Earlier this week, the company disclosed The company said it could sell millions more shares in the coming months.The recent decline comes despite news of ambitious expansion plans. President Trump's small social network, TruthSocial, plans to expand beyond microblogging and into live streaming.TMTG says it will feature news networks, religious channels, “family” movies, and “other content that has been canceled, is at risk of cancellation, or suppressed on other platforms or services.” .Such content will be added to Truth Social's existing apps and websites. TMTG says it plans to release a standalone streaming app for phones and tablets later, before doing the same for smart TVs.TMTG CEO Devin Nunez said: “We are excited to take the next big step for Truth Social. Our streaming content will provide a permanent home for high-quality news and entertainment that is unmatched by other channels and content distribution services. We aim to do so.”There's a lot of great content that can't find an audience for all the wrong reasons, and we want to let these creators know that they'll soon have a guaranteed platform that won't get cancelled.”Skip past newsletter promotionssign up for today's businessGet ready for work – all the business news and analysis you need every morningPrivacy Notice: Newsletters may include information about charities, online advertising, and content funded by external organizations. For more information, see privacy policy. We use Google reCaptcha to protect our website and Google. privacy policy and terms of service Apply.After newsletter promotionAlthough this announcement failed to reverse TMTG's decline in the market, trading in the company's stock remains volatile. It narrowed its losses at one point on Tuesday, but fell further.In recent months, TMTG (and its merger partner Digital World) has seen a rise in the number of so-called memes, boosted by internet memes (in the company's case, posted on platforms such as Truth Social, encouraging retail investors to buy). It is increasingly seen as a stock.
https://www.theguardian.com/us-news/2024/apr/16/trump-media-streaming Trump administration's social media empire launches streaming platform despite falling stock price | Donald Trump
