Trump’s social media business is merging with a nuclear fusion company

By Matt Egan, CNN

(CNN) — Truth Social parent company Trump Media & Technology Group announced a deal on Thursday to merge with nuclear fusion company TAE Technologies.

The surprise merger drove shares of Trump Media 17% higher in premarket trading.

The companies said the all-stock transaction is valued at more than $6 billion and will create one of the first publicly traded fusion companies.

After the deal closes, shareholders of Trump Media and TAE would own about 50% of the combined entity.

The news comes as Trump Media’s share price has plunged this year. Truth Social has struggled to gain traction, remaining a far smaller player than rival social media platforms.

Trump Media has announced efforts to diversify into artificial intelligence, crypto and asset management.

This is a developing story and will be updated.

The-CNN-Wire
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