- 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 had dropped sharply in the days before the announcement.
- Trump Media CEO Devin Nunes said the streaming service will be "uncancellable."
The price of Trump Media stock closed trading up more than 7% on Friday afternoon, hours after the company said 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, which trades under the ticker DJT on the Nasdaq, closed at $29.21 per share, a gain of 7.39%.
Before Friday, DJT shares had been in a slump.
While the share price briefly surged after former President Donald Trump, who is the company's majority shareholder, survived an assassination attempt on July 13, the share price had fallen more than 33% since then until Friday's open.
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."
Money Report
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.
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"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, lifestyle and entertainment channels, with plans to expand with Christian- and family-focused programming, the company said.
The company, which has billed itself as a conservative alternative to social media giants such as Facebook and X, claimed in the release that its streaming service will be "uncancellable by Big Tech."
Trump Media last month as part of the rollout of its content network announced an asset acquisition agreement with the LLCs WorldConnect IPTV Solutions and JedTec.
ProPublica on Tuesday reported that JedTec is an obscure entity led by James Davison, a major Republican donor and energy magnate whose business interests could be affected if Trump wins a second term as president.
