Trump Media & Technology will merge with a fusion energy company in a deal that the companies said Thursday is valued at more than $6 billion.
Devin Nunes, a Republican congressman who resigned in 2021 to become CEO of Trump Media, will become co-CEO of the new company along with TAE Technologies CEO Michl Binderbauer.
Shares Trump Media & Technologyparent company of President Donald Trump's social network Truth, are down 70% this year but jumped 20% before Thursday's open.
TAE is a private company and the merger with Trump Media will create one of the first publicly traded nuclear fusion companies.
“We are taking a major step forward toward a revolutionary technology that will cement America's global energy dominance for generations to come,” Nunes said in a prepared statement.
TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei into one heavier one. It releases enormous amounts of energy, a process that occurs on the Sun and other stars, according to the UN International Atomic Energy Agency.
Shareholders of TAE and Trump Media will each own approximately 50% of the combined company.
The companies say each share of TAE common stock is priced at $53.89 per share.
In conclusion Trump Media & Technology Group will become the holding company of Truth Social and TAE, along with its subsidiaries TAE Power Solutions and TAE Life Sciences.
