Trump Media & Technology Group (TMTG) stock plummeted 5.11% in Monday's pre-market trading session, underperforming the broader market. The sell-off appears to be fueled by concerns over the company's legal battle with Brazilian authorities regarding the suspension of its partner Rumble's video-sharing platform in Brazil.
TMTG and Rumble have filed an emergency motion in US federal court to halt the suspension of Rumble in Brazil, which was ordered by Brazilian Supreme Court Justice Alexandre de Moraes. The suspension came after Rumble refused to comply with orders to censor the accounts of a Brazilian journalist under investigation.
The companies argue that the suspension order violates US sovereignty and free speech protections. TMTG Chairman Devin Nunes expressed support for Rumble in this "crucial battle for free expression." The legal tussle raises concerns about the potential impact on TMTG's business operations if the situation remains unresolved or escalates further.
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