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Trump Media & Technology Group said Friday that it was exploring a spin-off of Truth Social, the social media platform of choice for President Donald Trump.
Truth Social could become a separate, publicly traded company following the forthcoming closing of its merger with fusion power firm TAE Technologies, according to a press release.
Shares of Trump Media rose on Friday after rising in premarket trading. The stock trades under the ticker DJT, which is also President Trump’s initials.
Such a move will bring more public market attention to Truth Social, the platform where Trump has become known for announcing everything from military strikes to policies 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 has whipsawed. Shares currently trade at around the $11 mark, well off highs above $100 recorded as recently as 2022.
DJT, 1 year
Trump said he would not sell his majority stake in the stock following his electoral victory in 2024. Regulatory fillings from later that year showed Trump transferred his entire position to a revocable trust that he’s the sole beneficiary of.
Trump was temporarily banned on more prominent social media platforms, such as Twitter and Facebook, following the Jan. 6, 2021 insurrection. Trump Media is focused on countering what it views as an “assault” on free speech by big technology firms, the company said.
In this type of deal, shares of Truth Social’s spin-off would be distributed to current Trump Media stakeholders, according to the press release. Truth Social’s independent company would merge with blank-check company Texas Ventures Acquisition III Corp.
Trump Media’s merger with TAE is expected to close in the middle of this year.
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