President Donald Trump expanded his business activities with the launch of his tech company, Trump Media & Technology Group — which includes his social media platform Truth Social and is separate from the Trump Organization. Although the company increased the president's net worth, its publicly traded shares have been underperforming in the stock market recently.
But Trump Media shares rebounded on Thursday morning, December 18 with the announcement of a merger with the nuclear fusion company TAE Technologies.
According to CNN reporter Matt Egan, "The surprise merger drove shares of Trump Media 17 percent 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 percent of the combined entity."
Egan notes that the merger announcement "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," Egan reports. "Trump Media has announced efforts to diversify into artificial intelligence, crypto and asset management."
Read Matt Egan's CNN reporting at this link.
