Shares of the parent company behind Truth Social, Trump Media & Technology Group, plunged as much as 9% after the opening bell on Wall Street following the news that the social media platform will debut a live TV streaming service after a six-month testing period.
The media group announced that its streaming content would be launched in three stages. Initially, it would be accessible on Android, iOS, and Web platforms, followed by a "stand-alone" Truth Social over-the-top streaming app for phones, tablets, and other devices. Finally, the streaming apps will be released for home TVs.
"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," the group's chief executive officer, Devin Nunes, said.
The company's stock was down 9.02% to sell at $24.21 apiece at 9:48 am ET.
