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Trump Media & Technology Group said Friday that it is exploring a spinoff of Truth Social, President Donald Trump’s social media platform of choice.
Truth Social could become a standalone, publicly traded company following the impending completion of its merger with fusion energy company TAE Technologies, according to a press release.
Shares of Trump Media fell more than 2% in a choppy session Friday despite a rise in premarket trading. The stock trades under the ticker symbol DJT, which also represents President Trump’s initials.
Such a move will draw public market attention to Truth Social, the platform where Trump is known for announcing everything from military strikes to actions like tariffs. Trump even 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 parent stock plummeted. Shares are currently trading at around $11, well below highs above $100 seen as recently as 2022.
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DJT, 1 year
Trump said he would not sell his controlling stake in the stock after his election victory in 2024. The administrative reshuffles later that year showed that Trump had transferred his entire position to a revocable trust of which he is the sole beneficiary.
Trump was temporarily banned from more popular social media platforms such as Twitter and others Facebookafter the insurrection on January 6, 2021. Trump Media is focused on countering what it sees as an “assault” on free speech by big tech companies, the company said.
According to the press release, such a deal would distribute shares of the Truth Social spin-off to current Trump Media stakeholders. Truth Social’s independent company would partner with blank-check company Texas Ventures Acquisition III Corp. merge.
Trump Media’s merger with TAE is expected to be completed by the middle of this year.