Trump Media to merge with fusion power company in all-stock deal valued at more than $6 billion

Trump Media & Technology will merge with fusion power developer TAE Technologies in an all-stock deal valued at more than $6 billion, the companies announced Thursday. Devin Nunes, the former congressman who resigned in 2021 to lead Trump Media, will be co-CEO of the combined company with Michl Binderbauer, TAE's chief executive.

Under the terms, Trump Media shareholders and TAE shareholders would each own about half of the new company. The arrangement values TAE common stock at $53.89 per share. Upon closing, Trump Media & Technology Group would become the holding company for Truth Social as well as TAE's Power Solutions and Life Sciences subsidiaries.

The merger would create one of the first publicly traded nuclear-fusion ventures in the market, giving the company access to public capital as it pursues development of fusion power. Nunes said in a prepared statement: "We’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations." The agreement comes as fusion-focused startups seek path to commercial power and as energy policy emphasizes domestic energy security.

TAE focuses on nuclear fusion, a process that fuses two light atomic nuclei to form a heavier one and releases enormous amounts of energy, a process that occurs on the sun and other stars, according to the United Nations' International Atomic Energy Agency. The transaction would merge Trump Media’s media and social platform operations with a private fusion developer, creating a diversified holding company that would include TAE Power Solutions and TAE Life Sciences.

Shares of Trump Media & Technology have tumbled about 70% this year but rose roughly 20% ahead of the Thursday trading session, reflecting investor curiosity about the deal and the potential for growth in fusion technology. The companies did not specify a timeline for closing the transaction, which remains subject to customary regulatory approvals and stockholder votes.

The deal would unify Truth Social with a fusion-focused company under a single holding structure, potentially diversifying the business beyond social media and positioning the combined entity at the intersection of technology, energy research and manufacturing. No timetable for completion was disclosed, and officials said the merger would require approvals from regulators and shareholders before it can proceed to closing.