‘Sounds Like They Need a Lot of Money’: CNBC Host Skeptical of Truth Social’s Pivot to Streaming

Shares in Trump Media & Technology Group plummeted again on Tuesday after the company announced it is planning to launch a streaming platform on Truth Social.

The stock fell 14% and closed at $22.84 a share, far below its high of $66.22 last month. Shares have tumbled since Truth Social announced it lost $58 million last year with a measly $4.1 million in revenue. Former President Donald Trump is the company’s majority shareholder and has seen billions of dollars evaporate from his portfolio over the last three weeks.

In a statement released on Tuesday, the company said it “has finished the research and development phase of its new live TV streaming platform and will begin scaling up its own content delivery network.”

Andrew Ross Sorkin broke the news to CNBC viewers on Tuesday’s Squawk Box.

“Real quick… Truth Social out with a statement,” he said. “Sara Fisher from Axios, just putting out, planning to launch a streaming platform.”

“Streaming what?” asked Melissa Lee.

“Uh, according to them, the streaming content expected to focus on live TV, including news networks, religious channels, family-friendly content, including films and documentaries and other content that’s been canceled or is at risk of cancelation or being suppressed on other platforms and services,” Sorkin answered.

“Sounds like they need a lot of money to do that,” Lee said. “We were just talking about how expensive streaming is in general.”

“That it is,” Sorkin replied. But nonetheless, that stock’s now moving a little higher this morning, maybe on the back of that news.”

The rally did not last.

Watch above via CNBC.