Trump Media and Technology Group has announced that it will be merging with TAE Technologies in a deal valued at more than $6 billion. The deal will be entirely stock-based.
The arrangement will see TMTG join its existing stakes in crypto, media, and other ventures with AI, as TAE Technologies will specialize in building fusion power plants. As per the company’s latest Q3 report, TMTG sits on a cash pile of $3.1 billion, with earnings of $15.3 million from Bitcoin put options and $13.4 million from other financial holdings.
Shareholders will own 50% of the new entity as a result of the merger.
As part of the deal, TMTG and TAE Technologies will be building a fusion power plant in 2026 with an expected capacity of 50MWe.
To bankroll the new firm’s operations, TMTG will be providing $200 million in cash upon signing of the deal and an $100 million later on dependent on filing of an S-4 form.
“Trump Media & Technology Group built uncancellable infrastructure to secure free expression online for Americans, and now we’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” said TMTG’s CEO Nunes in the official statement.
Source: Google Finance
Trump Media stock soared by 41.93% to $14.86 on Thursday.
Devin Nunes and Dr Michl Binderbauer—who are CEOs of TMTG and TAE respectively—will serve as co-CEOs of the merged firm, adding on to the multiple instances of fractional leadership seen in cryptocurrency and AI.
“Our talented team, through its commitment and dedication to science, is poised to solve the immense global challenge of energy scarcity. At TAE, recent breakthroughs have prepared us to accelerate capital deployment to commercialize our fusion technology,” said Binderbauer