Trump Media to merge with nuclear fusion company
Trump Media & Technology will merge with a fusion energy company in an all-stock transaction that the companies said Thursday was valued at more than $6 billion.
Devin Nunes, the Republican congressman who resigned in 2021 to become CEO of Trump Media, will be co-CEO of the new company with Michl Binderbauer, CEO of TAE Technologies.
Trump Media Actions & Technology, the parent company of President Donald Trump’s Truth Social social media platform, has fallen 70% this year but jumped 20% before the opening bell Thursday.
TAE is privately held and merging with Trump Media would create one of the first publicly traded nuclear fusion companies.
“We are taking a major step forward toward a revolutionary technology that will solidify America’s global energy dominance for generations,” Nunes said in a prepared statement.
TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei to form a single, heavier one. It releases a huge amount of energy, a process that occurs on the sun and other stars, according to the United Nations’ International Atomic Energy Agency.
TAE and Trump Media shareholders will each own approximately 50% of the combined company.
The companies say the transaction values each share of TAE common stock at $53.89 per share.
In closing, Trump Media & Technology Group will be the holding company for Truth Social and TAE, with its subsidiaries TAE Power Solutions and TAE Life Sciences.
