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Trump Media & Technology Group announced Friday that it is considering a spinoff of Truth Social, President Donald Trump’s social media platform of choice.
According to a press release, Truth Social may become an independent publicly traded company as it nears completion of its merger with fusion power company TAE Technologies.
Trump Media shares fell more than 2% in volatile trading Friday, despite rising in premarket trading. The stock trades under the ticker DJT, which is also President Trump’s initials.
Such a move would further increase public market attention to Truth Social, a platform where President Trump is known to announce everything from military strikes to tariffs and other policies. President Trump even previewed federal economic data earlier this month ahead of the official announcement on Truth Social.
President Trump called on fans to support the app as its parent company’s stock plummets. The stock is currently trading in the $11 range, a long way from the highs of over $100 hit in 2022.
DJT, 1 year
President Trump has said he has no intention of selling his majority stake even after winning the 2024 election. Regulatory proceedings later that year revealed that Trump had transferred all of his positions to a revocable trust of which he was the sole beneficiary.
Trump was temporarily banned from prominent social media platforms such as Twitter and Twitter. facebookfollowing the January 6, 2021 riots. Trump Media is focused on countering what it sees as “attacks” on free speech by big tech companies, the company said.
According to a press release, this type of transaction would see shares in the Truth Social spinoff distributed among current Trump Media stakeholders. Truth Social’s standalone company will be merging with blank check company Texas Ventures Acquisition III Corp.
The Trump Media and TAE merger is expected to close in the middle of this year.
