Trump Media & Technology Group (NASDAQ:DJT) stock is in the red today despite the start of a phased rollout of the social media platform’s linear streaming platform, Truth+. DJT stock has now shed about 13% during the past month.
Following a round of stress testing, web users of Truth Social will soon be able to access the beta version of Truth+ with availability for iOS and Android to follow shortly after. Its content will include news, weather and entertainment channels, among others. TMTG noted that it is currently working on expanding the number of channels available.
“First, we created Truth Social to provide a safe harbor for free speech on the Internet,” said CEO Devin Nunes. “Now, we’re establishing a reliable home for great TV content that is neglected by the big corporations or is at risk of cancellation—and we are securing our own tech stack and hardware infrastructure to make our new CDN uncancellable.”
DJT Stock Falls Amid Launch of Streaming Platform
Channels account for the initial phase of the Truth+ rollout. Afterwards, TMTG plans on incorporating streaming apps that are integrated with Truth Social. After that, the platform seeks to introduce apps that will provide streaming accessibility for in-home TV sets.
Truth+’s streaming technology will be powered by its own servers and routers, making it “uncancellable by Big Tech.”
Last month, TMTG signed an agreement to acquire assets from Perception Group that will help power Truth+. TMTG also has a contingent opportunity to purchase Perception outright.
TMTG will receive “worldwide non-exclusive perpetual licensing rights for the new CDN technology that TMTG plans to use for its content distribution network.”
In addition, Perception has agreed to U.S. market restrictions for the next five years in regards to competition with TMTG.
Still, DJT stock is under pressure as Vice President Kamala Harris’ odds of winning the election have progressed higher since President Joe Biden announced his withdrawal from the race. According to Polymarket, Trump’s odds sit at 54% while Kamala trails at 44%. Michelle Obama is at 1% while the odds of another Republican or Democrat are below 1%.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
