Truth Social shares plummet again after video streaming service announcement

How low can the share price of the Trump Media and Technology Group Corporation go?

Trump Media, the parent company of President Donald Trump's Truth Social platform, saw its share prices sink by a further 10 percent during trading on Tuesday morning, continuing a massive slide that started at the beginning of the month when the firm released its first public earnings report.

CNBC reports that the latest drop in share prices came after the company announced that "its Truth Social platform is moving to launch a live TV streaming platform."

Want more breaking political news? Click for the latest headlines at Raw Story.

"The company said it will roll out streaming content in three phases, the first of which will introduce Truth Social’s content delivery network for streaming live TV to the app for Android, iOS and web," writes CNBC. "Phase two will release stand-alone Truth Social streaming apps for phones, tablets and other devices, while phase three will release such apps for home television."

READ MORE: Republican dodges when asked if ousting Speaker Johnson makes his party look strong

Apparently investors were not too impressed by a potential pivot to video, however, as the announcement did nothing to stop Trump Media from hemorrhaging value.

Trump Media shares entered into a tailspin earlier this month when an earnings report revealed that the company lost $58 million and generated just $4 million in revenues over the last fiscal year.

Since then, the company has shed billions of dollars in market cap, and as of this writing is worth roughly $3.2 billion, which means it's lost more than half of its value in less than three weeks.

Many supporters of the former president who bought shares of the stock have found themselves getting burned as its value continues to evaporate, although some savvier investors have made a tidy profit by selling their shares just before the company released its first earnings report.

Recommended Links: