It's a blood bath.

Truth TV

In an apparent attempt to stop the bleeding, Truth Social owner Trump Media & Technology (TMTG) announced that it's looking to launch a live TV streaming platform — a wildly ambitious plan for a company whose share value has been in freefall for weeks now.

Investors seemingly called the company's bluff, leading to shares sliding another 12 percent or so Tuesday morning, hovering just above $23 at press time.

That's only a fraction — close to a third — of what they were worth immediately following TMTG's merger with a blank check acquisition company last month, a maneuver that allowed former president Donald Trump's far-right social media platform to be traded publicly.

In short, it's a blood bath — and the company's desperate bid to satisfy investors is already backfiring.

Bump Stock

In a press release, TMTG claimed that 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."

The company said it's planning to roll out streaming content in phases, starting with Truth Social's Android, iOS, and website, before moving on to apps for "home television."

Unsurprisingly, the company is looking to host content that "has been cancelled, is at risk of cancellation, or is being suppressed on other platforms and services," a largely meaningless statement that suggests it'll be hosting lunatic conspiracy theorists and other fringe sources of disinformation.

Regardless, the company's shares are still almost certainly astronomically overvalued, with Truth Social making a measly $4.1 million in revenue for all of 2023 despite having lost more than $58 million over the same period.

Some analysts have also accused Trump of running a "scam," with executives lining their pockets while leaving investors out to dry.

The company recently made the first moves to cash out by filing to register shares, likely for their eventual sale. The news was yet again met by widespread outrage, causing shares to slide by double digits on Monday morning alone.

Meanwhile Trump, the company's major shareholder, has over 78 million shares tied up in the scheme that are valued at several rapidly depreciating billion dollars. Whether he'll be able to extricate himself from a business in freefall remains to be seen.

More on the saga: Truth Social Stock Crashes as Donald Trump Maneuvers to Sell His Own Shares

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