Former President Donald Trump’s social media site Truth Social announced on Tuesday it will create a streaming platform as it looks to compete in the escalating streaming wars, though shares of the platform’s parent company continue to slide, bringing down the former president’s net worth.
Truth Social said it will launch a streaming service, though its shares have plummeted since going ... [+]
Trump Media & Technology Group, the parent company behind Truth Social, said Tuesday it has completed development and research on a TV streaming platform, and plans to roll out streaming content to the Truth Social app and on its website.
TMTG plans to eventually release a Truth Social streaming app to watch on TV, though the company did not release a timeframe for that launch
.Shares of TTMG have tumbled since its Wall Street debut last month, dropping more than 8% on Tuesday to a low just above $24, and have fallen off a cliff from a peak of over $70 per share late last month.
We estimate Trump’s net worth was approximately $6.4 billion after TMTG’s debut on Wall Street late last month, with Trump’s stake in the company valued at $4.6 billion. Since its debut, however, Trump’s holdings in TMTG have tanked, losing the former president over $2.4 billion as of this week and bringing his net worth to $3.8 billion, with shares of TMTG sinking over 18% on Monday on the heels of a company decision to issue up to 146 million new common shares.
Trump launched Truth Social in the aftermath of his Twitter suspension following the Jan. 6 Capitol insurrection. The former president announced plans to launch the platform in October 2021 and has relied heavily on the site for campaign announcements and to sound off against political opponents, continuing to use the site almost exclusively even after his Twitter suspension was lifted. Last month, shareholders approved a long-delayed merger of TMTG and special-purpose acquisition company Digital World Acquisition, allowing Truth Social to become publicly traded on the Nasdaq—and more than doubling Trump’s net worth in a single day.
While Trump was able to capitalize on his immediate $3 billion Truth Social windfall last month, the former president still faces the looming threat of losing some of his network of assets following judgments in three civil cases, including his $464 million bond in his New York fraud case. New York’s Democratic Attorney General Letitia James, who warned she would seize Trump’s properties if he missed a deadline to pay that bond, filed judgments last month in Westchester County, New York, suggesting her office could follow through with seizing Trump’s assets in the county. Trump posted a $175 million bond in New York after an appeals court ruled Trump would not have to post the entire bond amount up front.