Trump Media's major shareholder is former President Donald Trump, who owns nearly 60% of the company's stock. Trump is in a New York courtroom seeking jury selection in a criminal hush money case.
The company's market capitalization has fallen by more than $5 billion since its stock began trading publicly on March 26 after its merger with shell company Digital World Acquisition Corp.
Trump Media stock started the day above $70 and soared to nearly $80.
The stock was selling for $25.11 as of 10:11 a.m. ET Tuesday.
Earlier Tuesday, Trump Media said in a press release that it has “finished the research and development phase of our new live TV streaming platform and will begin expanding our proprietary content distribution network.”
The company has announced a three-phase rollout of streaming content, the first of which will introduce Truth Social's content delivery network to stream live TV to apps for Android, iOS, and the web.
The second phase will see the release of a standalone Truth Social streaming app for phones, tablets and other devices, and the third phase will see a similar app released for home televisions, according to Trump Media.
“Streaming content is available on live TV, including news networks, religious channels, family-friendly content such as movies and documentaries, and other content that has been canceled, is at risk of cancellation, or is being suppressed on other platforms or services. “We expect that there will be increased emphasis on this,” Trump Media said in a release.
“We're excited to take Truth Social to the next big step,” CEO Devin Nunez said in a prepared statement.
“With our streaming content, we aim to provide a permanent home for high-quality news and entertainment that faces discrimination from other channels and content distribution services,” Nunes said. “There is a lot of great content that cannot find an audience for unreasonable reasons, and we want to let these creators know that they will soon have a guaranteed platform that will not be cancelled.”
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