Shares of former US president Donald Trump’s newly debuted media company traded lower on Tuesday after it revealed a plan to issue more than 21 million new shares.
Shares of Trump Media & Technology Group Corp (NASDAQ:DJT), which operates the social media platform Truth Social, traded down 11.7% to $23.50 shortly before noon.
This latest slump follows last week’s sell-off, which saw Trump Media plunge by more than 20% in a single day after a revised regulatory filing revealed the company is taking on heavy losses and warned of the risks of being associated with the former US president.
Not even the company’s announcement on Tuesday that Truth Social is launching a streaming platform could reverse its fortunes.
Streaming content is expected to focus on live TV, specifically “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,” the company said in a statement.
Shares of Trump Media are down more than 35% week-over-week.