Trump Media & Technology Group Corp (NASDAQ:DJT) shares are trading higher Tuesday after the company announced that it completed the research and development phase of its new live TV streaming platform and will begin scaling up its own content delivery network.
What Happened: Former President Donald Trump’s Trump Media & Technology Group, which is behind the Truth Social platform, said it plans to roll out new streaming content in three phases. Phase one includes introducing Truth Social’s content delivery network for streaming live TV, phase two will focus on releasing a stand-alone Truth Social app for phones and tablets and phase three involves releasing the app for home TV.
“With our streaming content, we aim 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 cancelled,” said Devin Nunes, CEO of Trump Media.
The new streaming content is expected to focus on live TV including news networks, religious channels, family-friendly content including films and documentaries and other content that has been cancelled or is being suppressed on other platforms. Trump Media’s content delivery network is intended to operate efficiently, independent of big tech.
Trump Media shares faced selling pressure on Monday as Trump appeared in court for a criminal trial based on allegations that he made a “hush money” payment to an adult film star in an effort to hide sensitive information. The hush money trial marks the first time a former U.S. president has stood trial on criminal charges.
Trump Media stock also came under pressure on Monday after the company filed for the potential issuance of up to 21.49 million shares of common stock issuable upon the exercise of warrants related to Digital World. The filing also provides for the offer and sale of up to 146.1 million shares of common stock from time to time by certain selling stockholders. Trump is the majority shareholder in the company.
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DJT Price Action: Trump Media shares were up 0.56% at $26.76 at the time of publication, according to Benzinga Pro.
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