Truth Social parent explores spinning off social media platform

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

Feb 27 : Trump Media & Technology Group said on Friday it is in discussions with TAE Technologies and Texas Ventures Acquisition III about spinning off businesses including Truth Social into a new publicly traded company.

Under the proposal, shares in the spun-off company will be distributed to eligible TMTG shareholders, after which the new entity would merge with the special purpose acquisition company. 

TMTG said no definitive agreement has been reached and discussions are ongoing.

The company's shares were more than 3 per cent down in afternoon trading.

Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.


This service is not intended for persons residing in the E.U. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp’s partners.
Loading

In December, TMTG agreed to merge with TAE in an all-stock deal valued at more than $6 billion, marking a pivot toward fusion energy and the creation of a publicly traded company focused on developing utility-scale power plants to help meet rising electricity demand, including from AI data centers.

TAE Technologies is a California-based private company developing advanced nuclear fusion technology that has raised more than $1 billion from investors including Alphabet's Google and Chevron.

The startup focuses on a form of fusion designed to produce electricity without releasing large amounts of neutron radiation, reducing radioactive waste.

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here