Trump Media & Technology Group (TMTG), the parent company of Truth Social, is merging with fusion power company TAE Technologies in an all-stock deal valued over $6 billion. The combined entity aims to build the world's first utility-scale fusion power plant to provide energy for artificial intelligence, with construction planned for next year.
Trump Media & Technology Group (TMTG), known for President Donald Trump’s Truth Social platform, announced an all-stock merger with fusion power company TAE Technologies, valuing the deal at over $6 billion. Devin Nunes, current CEO of Trump Media, will serve as co-CEO of the new company alongside TAE Technologies CEO Michl Binderbauer. The newly formed entity plans to begin construction next year on what it calls the "world’s first utility-scale fusion power plant," specifically to meet the high energy demands of artificial intelligence. While TMTG shares had fallen 70% this year, they saw a 20% jump on the news. TAE, a private company backed by investors like Google, will become one of the first publicly traded nuclear fusion companies through this merger. Nuclear fusion, a process that powers the sun, is seen as a promising long-term solution for clean energy, though it's still far from widespread use. The U.S. Department of Energy has expressed interest in fostering a private fusion industry, and major tech companies like Google, Microsoft, and OpenAI's Sam Altman are exploring fusion to power their energy-intensive AI data centers. Shareholders of both TMTG and TAE will each own approximately 50% of the combined company, with Donald Trump being the largest individual stakeholder in TMTG with 41% ownership. The transaction values each TAE common stock at $53.89 per share, and TMTG will serve as the holding company for Truth Social, TAE, and its subsidiaries.
