Donald Trump's Truth Social meme stock soared in March, but has since plummeted.
Experts say its enormous climb and devastating fall show how powerful people may use their influence to build large amounts of stock-market money - but it doesn't survive long without a real business backing it up.
Trump's Truth Social Gone Woke
Trump Media and Technology Group controls Truth Social, the former president's social media network. The parent firm recently became public through a SPAC merger, and its stock price reached $79 on March 26.
That pricing valued Trump Media at almost $11 billion, or roughly 2,700 times the $4.1 million in revenue it reported last year, resulting in a $58 million net loss.
However, a poor performance update and intentions to issue shares have sent the company down by around 70% from its peak, to little under $23 at Tuesday's closing. The company's market value is currently about $3 billion.
The former president briefly joined the Bloomberg Billionaires Index and was even listed among the top 300 richest persons in the world. He has since dropped completely off the rich list as his net worth plummeted.
However, Truth Social's stock price seems to be showing signs of recovery on Wednesday, following a significant decline in April. It's quite unexpected, given that the company favored by the far right for meme stocks has been revealed to have embraced the ideology of DEI.
In the Corporate Governance Guidelines of Truth Social, as initially noticed by MeidasTouch on Tuesday, a significant section emphasizes the importance of diversity and inclusion within the company. The truth is, this all seems quite woke, as per Gizmodo.
DEI is the next boogeyman for those on the far right of politics, who have run out of steam moaning about Critical Race Theory during the last few years. According to the ACLU, Trump despised DEI before it became popular, when he was persuaded to prohibit federal training on systematic racism and sexism.
Trump Media Says Socmed Plans to Launch Live TV Streaming Platform
Moreover, Truth Social has revealed plans to launch a live TV streaming service, as previously reported by VCPost.
The site will focus on "news networks" and "religious channels," and will also feature "other content that has been canceled, is at risk of cancellation, or is being suppressed on other platforms and services," according to a press release.
The service would also include "family-friendly" programming including films and documentaries. The streaming service will start in three stages.
The company initially intends to launch Truth Social's CDN (content delivery network) for streaming to the Truth Social app for Android, iOS, and the web.
Next, Truth Social intends to launch over-the-top ("OTT") streaming apps for phones, tablets, and other devices. The final part of the rollout is the launch of a streaming app for televisions.
According to Tech Crunch, the Trump Media claims to have tested the streaming service on its web and iOS platforms for six months and has "completed the research and development phase."
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