Truth Social Unveils Streaming Platform, Stock Tanks Anyway
As its stock price flounders, the parent company of Truth Social unveiled its latest grand plan on Tuesday: a streaming service that will specialize in religious and family-friendly content, along with material that has otherwise been “suppressed.”
Should Netflix be worried? Based on Trump Media & Technology Group’s share price after the announcement, the answer is resoundingly “no.” By early afternoon on Tuesday, the stock had tanked more than 12 percent. It has now plummeted 65 percent since its peak in late March.
According to Tuesday’s announcement, the streaming platform will be launched in three phases. First, the company will deliver live TV to its app, then it will release a standalone service for phones and other devices, and then it will bring its content to home TVs. Trump Media is majority owned by former President Donald Trump.