April 17 (UPI) — The stock value of former President Donald Trump‘s media company — the owner of app Truth Social — on Tuesday continued to fall more than 14% as the company unveiled its intent to launch a digital live-streaming platform.
On Tuesday morning, the Nasdaq-designated DJT stock shares were selling at a total of $25.11. By mid-afternoon trading, it went down further to $22.85 a share.
The Sarasota, Fla.-based Trump Media & Technology Group Corporation announced Tuesday that after six months of testing on its Web and iOS platforms, it had finished the “research and development phase” of its plan to unveil a “live TV streaming platform and will begin scaling up its own content delivery network,” according to a release.
TMTG’s CEO Devin Nunes said the company was “excited to move forward with the next big phase for Truth Social.”
The new streaming content — which will roll out in three phases — will include “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 cancellation or is being suppressed on other platforms and services.”
Nunes said the goal of the streaming content will be “to provide a permanent home for high-quality news and entertainment that face discrimination by other channels and content delivery services.”
“There is a lot of great content that simply can’t find an audience for unjust reasons, and we want to let these creators know they’ll soon have a guaranteed platform where they won’t be canceled,” the former Republican California congressman, said.
The Trump-owned company still struggles to turn a profit with TMTG bringing in only $4.1 million in revenue in 2023 while it lost $58 million the same year. It has already experienced a $5 billion valuation decrease since going public.
On Monday the day before, Trump Media stock had already dropped 18% after filing to sell more shares as the former president — the largest shareholder with 60% of the social media company — was in a New York court at the start of a historic criminal trial.
The value of Truth Social has consistently showed a downward trend since the stock first premiered on the Nasdaq at the end of March, before dropping somewhat by the end of that trading day.
Shares of the company, owner of the Truth Social media app, closed Monday at $26.61 in heavy trading of more than 6 million shares in the Nasdaq, representing an 18.3% one-day plunge.
An investigative reporter who is familiar with Trump’s finances speculates that the “true value” of Truth Social is 50 cents a share or less per share.
“I have been critical of media reports stating Trump’s net worth is up by billions,” Progressive Source CEO Jonathan Greenberg said Wednesday on X.
“Sober analysis suggests DJT has only begin to find its floor, & that Trump’s holdings’ real value is under $35M today,” he wrote.
