Aug 02, 2024 - 20:06
By cnbc.com

DJT shares jump after Trump Media rolls out TV streaming plan

Trump Media said it has started rolling out a TV streaming service for the social media platform Truth Social.
The stock price of the company, which trades as DJT, rose after the attempted assassination of majority shareholder Donald Trump, but since then had dropped before the announcement.
Trump Media CEO Devin Nunes said the streaming service will be "uncancellable."

Trump Media said Friday it has started rolling out a TV streaming service that aims to air "neglected" content on its social media platform Truth Social.

The company's stock price, which trades under the ticker DJT on the Nasdaq, jumped more than 6% Friday morning on the heels of the news.

DJT shares had been in a slump since the share price briefly surged after former President Donald Trump, who is the company's majority shareholder, survived an assassination attempt on July 13. Before Friday, the share price had fallen more than 33% after that bump.

Trump, who is the Republican presidential nominee, owns nearly 59% of the company's stock.

In a press release Friday, Trump Media said it is now stress testing the TV streaming service, dubbed Truth+, on its "new content delivery network."

Once deployed, the company said, Truth Social users will be able to use the service simultaneously while they browse the platform's existing microblogging content.

"We're establishing a reliable home for great TV content that is neglected by the big corporations or is at risk of cancellation," Trump Media CEO Devin Nunes said in the release.

That content will initially include news, commentary, weather and lifestyle and entertainment channels, with plans to expand with Christian- and family-focused programming, the company said.