Truth Social could become a separate, publicly traded company following the upcoming closing of its merger with fusion power firm TAE Technologies, according to a press release.
Despite rising in premarket trading, shares of Trump Media fell more than 2% in a volatile session on Friday. The stock trades under the ticker DJT, which is also President Trump’s initials.
Such a move would draw public market attention to Truth Social, the platform where Trump is known to announce everything from military strikes to policies like tariffs. Trump also previewed federal economic data ahead of its official release on Truth Social earlier this month.
Trump has encouraged his fans to support the app as its core stock has whippedsaw. Shares are currently trading around the $11 mark, well above the recent high above $100 recorded until 2022.
DJT, 1 year
Trump said he would not sell his majority stake in the stock after his election victory in 2024. Regulatory filings later that year revealed that Trump transferred his entire position to a revocable trust, of which he is the sole beneficiary.
Trump was temporarily banned from more major social media platforms like Twitter and FacebookAfter the insurrection of January 6, 2021. The company said Trump Media is focusing on countering what it sees as an “attack” on freedom of expression by big technology companies.
According to the press release, in such a deal, shares of the spin-off of Truth Social would be distributed to current Trump Media stakeholders. Truth Social’s independent company will merge with blank-check company Texas Ventures Acquisition III Corp.
The merger of Trump Media with TAE is expected to be completed in the middle of this year.
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