DEC 19 – The firm behind President Donald Trump’s Truth Social platform is merging with a Google-backed energy company in a deal valued at more than $6bn (£4.4bn).
Trump Media & Technology Group (TMTG) and TAE Technologies announced the plans on Thursday in a joint statement, which said the move would “create one of the world’s first publicly traded fusion companies”.
Fusion power is a method of generating energy from heat released by nuclear fusion reactions. It could release vast amounts of energy with little associated radioactivity.
The statement said the combined company planned to begin constructing the “world’s first utility-scale fusion power plant” next year, with further plants to follow.
Under the merger both firms will have an equal 50% share in ownership after the deal is completed, which is expected by mid-2026 pending regulatory and shareholder approvals.
The combined company will have a nine-member board including Trump Media’s current chief executive Devin Nunes, who will be co-chief executive of the new firm, and the president’s son Donald Trump Jr.
TAE Technologies provides technology for energy storage and power delivery systems for batteries and electric vehicles. Its umbrella organisation, TAE Life Sciences, develops technologies and drugs for treating cancer patients.
The tie-up with the firm signals a bold and surprising shift for Trump Media, as it moves from social media and financial offerings into the energy sector.
Mr Nunes said his firm was “taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations”.
Calling fusion power the “most dramatic energy breakthrough” since the 1950s, he said Trump Media would bring “the capital and public market access” to help make TAE’s technology commercial viable.
As part of the agreement, Trump Media is to provide up to $200m (£149m) of cash to TAE Technologies when completion of the deal is signed. An additional $100m (£74.7m) will be available once the transaction has been registered.
Surging electricity demand for AI data centers has revived interest in cleaner and reliable nuclear power, including restarting shuttered reactors, expanding existing ones and signing contracts for future small modular reactors.
The joint statement said TAE Technologies had raised more than $1.3bn of funding from other investors including Google and Goldman Sachs.
Trump Media, which mainly generates revenue from advertising on the Truth Social platform, has consistently clocked losses since it began. It posted a decline in revenue and a loss of $54.8m (£40.9m) in the third quarter ending September.
By BBC
