Trump Media & Technology will merge with a fusion power company in an all-stock deal that the companies said is valued at more than six billion US dollars (£4.47 billion).
Devin Nunes, the Republican congressman who resigned in 2021 to become chief executive of Trump Media, will be co-chief executive of the new company with TAE Technologies chief executive Michl Binderbauer.
Shares of Trump Media & Technology, the parent company of US President Donald Trump’s Truth Social media platform, have tumbled 70% this year but jumped 20% before the opening bell on Thursday.
TAE is a private company and the merger with Trump Media would create one of the first publicly traded nuclear fusion companies.
“We’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” Mr Nunes said in a prepared statement.
TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei to form a single heavier one.
It releases an enormous amount of energy, a process that occurs on the Sun and other stars, according to the United Nations’ International Atomic Energy Agency.
TAE and Trump Media shareholders will each own approximately 50 per cent of the combined company.
The companies say the transaction values each TAE common stock at 53.89 dollars (45.8 euro) per share.
At closing, Trump Media & Technology Group will be the holding company for Truth Social and TAE, along with its subsidiaries TAE Power Solutions and TAE Life Sciences.
