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Television Media

Trump Media Shares Down 14% After Company Says Truth Social To Launch TV Streaming (cnbc.com) 124

Trump Media & Technology Group Corp., which has been called the "mother of all meme stocks" after it made its stock market debut in late March, announced that its Truth Social platform is moving to launch a live TV streaming platform. Following the news, shares of DJT closed more than 14% lower Tuesday. They ended trading Monday down by more than 18%. CNBC reports: The stock's price has dropped by a whopping 67.7% since Trump Media began trading as a public company on March 26, erasing more than $5 billion in market capitalization. Trump Media's majority shareholder is former President Donald Trump, who holds nearly 60% of its stock.

Earlier Tuesday, Trump Media in a press release said it "has finished the research and development phase of its new live TV streaming platform and will begin scaling up its own content delivery network." 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. 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, Trump Media said.
"The 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, is at risk of cancellation, or is being suppressed on other platforms and services," Trump Media said in its release.

"We're excited to move forward with the next big phase for Truth Social," added CEO Devin Nunes in a statement. "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 service. 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."

Trump Media Shares Down 14% After Company Says Truth Social To Launch TV Streaming

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  • by ebunga ( 95613 ) on Wednesday April 17, 2024 @05:04PM (#64402554)

    I knew it was bad, but not that bad.

  • Cancelled? (Score:5, Funny)

    by Pascoea ( 968200 ) on Wednesday April 17, 2024 @05:12PM (#64402568)

    "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."

    "The kind of content we want to show sucks so bad that OAN won't even touch it." Fixed that for ya, Devin.

    • The real problem is every grifter is competing for a smaller and smaller share of marks.

      Using google you can find articles from 5 years ago where the average Fox News viewer was 65. Those same articles written today put the average Fox viewer at 70. Life expectancy in America is 76.

      Doesn't take Einstein to do that math. Fox news might be the #1 cable news network but that's not sayin' much. And everyone else is competing for at best second place.
    • Re: (Score:3, Funny)

      by Powercntrl ( 458442 )

      Judging by the comments here every time there's a Disney related story, it seems like what some right-wingers actually want are "de-woked" versions of existing popular content. Perhaps Trump could negotiate licensing with the major studios to produce edited versions of current shows and movies (or perhaps they could save money by just getting copies of the versions that are already edited for China).

      Seems like there's actually a market for people who want to pretend they're living under a theocracy, so Tru

      • by Ksevio ( 865461 ) on Wednesday April 17, 2024 @06:35PM (#64402830) Homepage

        I'm pretty sure the market for "The Little Mermaid: Racist edition" is too small for it to be worth the bad PR. There's a difference between censored vs original music and movies edited to be more racist and bigoted.

        • I'm pretty sure the market for "The Little Mermaid: Racist edition" is too small for it to be worth the bad PR. There's a difference between censored vs original music and movies edited to be more racist and bigoted.

          Honestly? Just play the original versions to shut up the race whiners.

          I have a problem with some of the remakes being either rubber-stamped copies of existing films/shows with nothing to set them apart at all aside from a few token changes, or the only changes made actually make the plot or characters less engaging. Race has nothing at all to do with it. But it's a convenient way for the producers to get away with saying there's nothing wrong with copy-paste-find-replace instead of creativity. Or even worse

      • Re:Cancelled? (Score:4, Insightful)

        by thegarbz ( 1787294 ) on Wednesday April 17, 2024 @07:05PM (#64402908)

        Judging by the comments here every time there's a Disney related story, it seems like what some right-wingers actually want are "de-woked" versions of existing popular content.

        Nope. People latch on to "woke" when they can't describe what makes something "bad". Hollywood has always been woke and always tackled fringe issues. The thing is, when a story is well written then people don't give a flying fuck about wokeness, but when something is bad they latch on to the only low IQ thing they can figure out "eerrmageeerrrd the mermaid has a tan!" - the low IQ critique for what was actually a really shit movie for a myriad of other reasons.

        • Re: (Score:3, Interesting)

          by Powercntrl ( 458442 )

          To play devil's advocate though, it's not all poorly articulated criticisms. Some of these folks genuinely have concerns about putting their kids in front of entertainment that they believe is promoting a message which is in conflict with their moral and/or political standards. Offering the advice of "well then, don't let them watch it" as the only solution comes across as condescending and adversarial, and it's no wonder they've begun to see it as a culture war.

          Apparently there used to be a service in Ut

          • Re: Cancelled? (Score:4, Insightful)

            by madbrain ( 11432 ) on Thursday April 18, 2024 @12:44AM (#64403498) Homepage Journal

            I believe those who are offended by certain programs do have the ability to rate them, and make those ratings public. That could inform what they watch, as well as their children.
            They would need to come up with a proper definition for "woke" in order to exclude them.

            Nothing is stopping anyone from starting a bigoted streaming service, call it Bigot+, that will utilize this rating system to exclude "woke" programming. It may even be as successful as Trump Social, some day.

            For 24 years, my Dish Network satellite package included Fox News and many religious channels. I never wanted to see them. Fortunately, the guide allowed me to block them and I never had to see them in the channel list again.
            I still wished I could have chosen the channels I actually watched a-la-carte, instead, and not subsidized Fox News and the religious channels for all those years. But that wasn't an option. The list of channels I cared about went down to 1, comedy central. I couldn't justify $65/month for just that 1 channel, and dropped the service.
            I have survived without CC ever since. It's unwatchable online due to commercials.

            I now have a rooftop antenna and SiliconDust ATSC 1.0/3.0 tuner/DVR, with a 1TB SSD.

          • Re: Cancelled? (Score:5, Insightful)

            by reanjr ( 588767 ) on Thursday April 18, 2024 @01:50AM (#64403630) Homepage

            Our ratings system is as informative and deep as its ever been. There are websites you can use to even get specifically Christian ratings for example.

            When did Republicans forget how to raise their children? Why are they so hell bent on having their kids raised by the state?

          • Re:Cancelled? (Score:4, Insightful)

            by AmiMoJo ( 196126 ) on Thursday April 18, 2024 @06:10AM (#64404028) Homepage Journal

            The issue is that their political/religious standards are unreasonable and do harm to their kids and other people.

            Not wanting their kids to know about anything LGBTQ related is a good example. Some of those kids will be gay, some will be trans, some will be bi, some will be asexual. And if all they are ever told is that you are what you were assigned at birth and can only be attracted to people of the opposite sex, they are going to think there is something wrong with them and suffer as a result.

            And even the ones who aren't LGBTQ are not going to grow up being tolerant of others who are. Familiarity and normalization bring tolerance and acceptance.

            So no, those aren't valid criticisms, they are borderline child abuse.

          • by skam240 ( 789197 )

            There have always been people complaining about whatever media is popular corrupting morals. At one point it was literary works of fiction! The solution has always been "stop being a pain in the ass and just don't consume materiel you personally find offensive"

          • Some of these folks genuinely have concerns about putting their kids in front of entertainment that they believe is promoting a message which is in conflict with their moral and/or political standards. Offering the advice of "well then, don't let them watch it" as the only solution comes across as condescending and adversarial, and it's no wonder they've begun to see it as a culture war.

            Indeed, but to be clear the overwhelming majority of what comes across as "woke" isn't a deep seated moral issue. Sure if you are religious and don't feel like seeing the representation of trans or gay people, ... well really don't watch it. I have no problem being condescending to arsehats who in 2024 feel some moral obligation to think others need to confirm to a world view perpetuated by their imaginary skydaddy.

            However that's not what most "wokism" is. Most wokeism is not something that people have a de

        • "Hollywood has always been woke and always tackled fringe issues"

          The Hays Office says, "Hi!".

      • by gtall ( 79522 )

        They can always air "The New Beverly Hillbillies", watch as Jed and the Clan terrorize their neighbors in Beverly Hills, Jed does the L.A. porn stars (a new one every week), Jethro flummoxes the local pols with insightful logic, Grannie goes on a shooting rampage every Fri. night, and Ellie steals the neighbor pets for her new petting zoo. There will be plenty of shots of Ellie in the cement pond in a skimpy bathing suit luring old men in for "a swim". It will be a MAGA Wet Dream.

  • Couldn't happen to a nicer guy...

    Trump Trial could start as early as next Monday!

  • by laughingskeptic ( 1004414 ) on Wednesday April 17, 2024 @05:18PM (#64402584)
    1. Start with DWAC that raised $293 million
    2. Merge with Trump Media, a company worth $0
    3. Give 70% of shares of new company to Trump and cronies
    4. Remaining value of company is the cash not given away: $88 million

    No one benefits when Trump is given gifts, except Trump.
  • I can see in now. The content for that stream being 3 or 4 of old overweight white men on a porch, with a dog at their feet, a gun leaning on the wall, drinking beer while complaining how the world is going to hell. All talking over each other due to hearing loss from the gun range.
    • I can see in now. The content for that stream being 3 or 4 of old overweight white men on a porch, with a dog at their feet, a gun leaning on the wall, drinking beer while complaining how the world is going to hell. All talking over each other due to hearing loss from the gun range.

      So, basically, The View for narrow-minded males? Maybe they can do a cross-promotion?

  • by kfh227 ( 1219898 ) on Wednesday April 17, 2024 @05:23PM (#64402606)

    I've aways said we need a pro domestic terrorism channel

  • by rsilvergun ( 571051 ) on Wednesday April 17, 2024 @05:25PM (#64402610)
    Trump's properties are by all accounts massively over leveraged. e.g. he owes more on them then they're worth. He is, in all likelihood, effectively broke, and only able to cover up that fact by juggling money around and some light gifting like those bible sales.

    If his court cases go bad he's going to need to come up with a ton of cash and that means he's gonna wanna dump his shares. If he does that $DJT collapses in value immediately.

    You can actually tie the spikes in value for $DJT to when various things in his court cases get announced, most notably when his bond got cut to $175m the stock spiked, when it came out he *still* couldn't find somebody to pay it it dropped, when he found somebody it spiked, and now it's come out that the company he found doesn't really have the cash so it's dropping.

    It's all kinda crazy given that it's a company with $4m in revenue and $50m in expenses that is 100% dependent on the health of a 77 year old man. But that's meme stock for you.
    • Adding video streaming will only add to the company's expenses (probably significantly). It's audience is too small to generate additional video revenue that comes even close to compensating for this. The result will be even quicker bankruptcy.

      'Profit through Bankruptcy' -- the Trump money-making strategy.

      • by rsilvergun ( 571051 ) on Wednesday April 17, 2024 @11:16PM (#64403336)
        Trump's actual bankruptcies really did bankrupt him. We found out quite some time ago that the reason he isn't in the poor house (apart from the 1% taken care of their own) is because his creditors didn't want to take away all his money because they were hoping he would be able to use the billionaire branding to scam rubes out of some money and that they would get more of their money back over time.

        I don't recall whether or not those particular creditors actually came out ahead or not it's tough to say since Trump has a habit of not paying people. But Trump was correct he really did go bankrupt completely it's just that when you're rich and famous you get away with it
  • by rossdee ( 243626 ) on Wednesday April 17, 2024 @05:31PM (#64402634)

    Trump, Pump, and Dump

    • Trump, Pump, and Dump

      Noting that Trump didn't actually buy his stock so no matter how low it goes he won't lose any money. Other shareholders, on the other hand ...

      Small-time investors in Trump’s Truth Social reckon with stock collapse [washingtonpost.com].

      Several people have a majority of their money invested in this stock and one guy has invested his whole "nest egg" -- $25,000 -- and wants to buy more. He believes the stock could "go to $1,000 a share, easy." I wish him luck.

  • Bump in stock price (Score:4, Interesting)

    by NotEmmanuelGoldstein ( 6423622 ) on Wednesday April 17, 2024 @05:36PM (#64402660)

    ... other content that has been cancelled ...

    Television is already full of history/religious episodes examining 'is 2 really bigger than 1?' This will be every crackpot theory so illogical it will make Michael Moore's grand-standing documentaries look like Pulitzer-prize winners.

    ... news networks, religious channels ...

    Why would these people share their prime-time slots and brand with Trump? Fox & Sky already beam pro-Trump worship around the world: Now Trump wants to direct his ineptitude into free publicity and pay for his own propaganda? Trump is pissing on his best friends, here.

    I suspect the point is, creating a bump in stock price so that Trump Social can issue a new share portfolio.

    • by Baron_Yam ( 643147 ) on Wednesday April 17, 2024 @05:41PM (#64402672)

      > Trump is pissing on his best friends

      C'mon. The man's been front-page news for over a decade now. You know he has no friends. He has people he can exploit, and people he's worried will exploit him. To Trump, loyalty means you'll make him happy and he doesn't have to do a damn thing in return. I don't think he really understands the word, it's just a sound he makes when he's demanding your unconditional support.

      • and people he's worried will exploit him.

        I reckon one of his biggest worries right now is how to find a running mate that won't backstab him with the 25th Amendment at the first opportunity.

        • Pence wouldn't even turn on Trump after he set a mob on him and tried to have him killed. Republicans turn on Trump after they retire, and even then they're extraordinarily mild about it.

          Trump's trump card is his cult - they're a solid block of voters big enough to sink the entire party if he tells them the party has turned on him (and thus them).

      • In New York, he was front page news for over 50 years, most of it unfavorable. But the way Trump tells it, they're all RINOs and Never-Turmpers who travelled back in time to enact a witch hunt.

  • by fahrbot-bot ( 874524 ) on Wednesday April 17, 2024 @05:43PM (#64402680)

    President Biden remarked [thehill.com] in his hometown of Scranton, Pa on April 16:

    I have to say, if Trump’s stock in Truth Social, his company, drops any lower, he might do better under my tax plan than his.

  • I'm waiting for the inevitable Trump Dump.
  • For the time time something like this or Reddit IPOs: Is it possible to short an IPO?

    That would have been a million dollar deal.

    • For the time time something like this or Reddit IPOs: Is it possible to short an IPO?

      Shorting involves borrowing shares and selling them at the current market value, then re-buying and returning the number of shares you borrowed at a later date (hopefully, at a profit). Can't really do that at the start of an IPO because the shares are still in the process of being purchased by their initial owners.

      In order to short a stock, the market first has to have a high initial valuation of the stock you plan on shorting. You could've probably made good money shorting the scooter rental company Bir

    • At launch it was the most expensive stock to short on the whole market. One of the fin sites did a cost breakdown.

  • Not mentioned (Score:5, Informative)

    by quonset ( 4839537 ) on Wednesday April 17, 2024 @06:23PM (#64402806)

    Nowhere in this blurb is mentioend the reasons for the precipitous plunge in stock value. First, the company is bleeding money [cnbc.com]. It lost $58 million on revenue of $4 million. In fact, the company states in its earnings report, "TMTG expects to incur operating losses for the foreseeable future,"

    Second, the con artist is trying to find a way to for he and his cronies to sell their shares before the six month lockup period ends [yahoo.com]. He wants to get his grift in now while leaving the suckers holding the bag (just as he's always done).

    Third, the company is so strapped for cash it's considering offering more shares for sale [reuters.com] which will of course dilute existing shares and drive down the price.

    Fourth, it's the con artist. He has never run a successful business. Every company he's ever run has either gone backrupt and out of business, or bleeds cash indefinitely. One need only look at his Scottish golf course which has never turned a profit in its over decade of existence.

    Today's tick up is an anomaly. Possible short covering (though unlikely), or more probably suckers buying in now thinking it can't go any lower.

  • Get woke go broke!

  • by Rick Schumann ( 4662797 ) on Wednesday April 17, 2024 @06:35PM (#64402832) Journal
    Toxic. 100% toxic.
  • Step 1. Let people be responsible for their own actions.
    Step 2. Be against slavery. Refuse to be a slave. That will make people have to pay for things they want themselves. You'll have an immediate riot. We know which side wants everything for free and /someone else/ to pay for it.

    My opinion. You can have what you want, but I didn't do anything to you, and I'm not going to be your slave so you can get it. I owe you nothing.

  • by Tony Isaac ( 1301187 ) on Wednesday April 17, 2024 @07:13PM (#64402930) Homepage

    https://www.usatoday.com/story... [usatoday.com]

    I'm not sure the announcement of a TV streaming service had much to do with the stock price continuing to fall, in the same trajectory it has fallen during the entire month of April.

  • The site is a money pit doomed to failure, but if you're somehow looking for a way to justify the stock price I think you need to do something like video.

    Even if Truth Social became the last alt-right Twitter clone standing it would still be a crappy business because it would be a tiny user base with toxic content that mainstream advertisers avoid.

    But video ads go for higher rates and no one has really broken through as the alt-right YouTube. So maybe there's a shot at decent revenue before he blows through

    • Netflix is worth $265B. Even with video, Truth's valuation is way too high. I mean we're getting close to where a potential future value of Daily Wire might be if they continue to develop, maybe.

      Not anywhere close to fair valuation for a company with no revenue, large amount of debt, no source of funding for expansion, etc.

      • Look, the guy is a con artist. We all know it, some of us pretend it isn't true because we want to get away with it too.

        He even conned the courts with his bond - first, conned the judge into accepting a reduced bond, second, conned the judge by having that bond backed by a company whose entire net value isn't enough to cover it.

        Truth Social had two goals - give Trump an unfettered propaganda outlet while he was banned from Twitter, and con investors out of their money before it crashed and burned. It's lo

  • In medicine and the social services realm, a person or patient's mental, economic, and social condition can vastly alter ability to stay healthy or get services and recover.

    "Mental" is certainly apropos here.
    "Truth" is nothing more than a magician's misdirect, so we can ignore it.

    Better name for the company, Psycho Social.

    (Not to be confused with the important "psychosocial" as we use it in first paragraph.)

  • A chump buys TRUMP!

  • I know y'all like using 1984 as a manual, but you don't have to follow it so exactly [wikipedia.org].

    (Although, limiting it to only two minutes would be nice.)

  • Wonder what happens when he goes to jail ?

"Poor man... he was like an employee to me." -- The police commisioner on "Sledge Hammer" laments the death of his bodyguard

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