Washington (United States) (AFP) – Trump Media & Technology Group, the struggling company that owns the US president’s Truth Social platform, announced Thursday a $6 billion merger with fusion power company TAE Technologies, in an unexpected pivot into energy technology. The all-stock transaction will see shareholders of each company hold approximately 50 percent of the combined entity, which plans to begin construction of what it calls the world’s first utility-scale fusion power plant in 2026.
Trump Media’s share price has slumped by about 70 percent in the past year but was up nearly 25 percent after the announcement. Trump Media CEO Devin Nunes, a former Republican congressman, said the deal represents “a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations.” Fusion power plants would generate electricity through the same process that powers the Sun, a goal long pursued by researchers, though no commercially viable project has yet been built despite decades of research.
The unusual tie-up comes as the Trump administration pushes power-hungry AI technology that will require a massive build-out of energy sources. AI data centers are posing an increasing burden on US power grids, and the White House is encouraging the fast-tracking of energy projects to meet demand. TAE Technologies, founded in 1998, says its fusion technology could provide abundant electricity to power AI infrastructure. The California-based company has built five fusion reactors and employs over 400 people, including 62 Ph.D. holders, a statement said. The company has raised more than $1.3 billion from investors including Google, Chevron, and Goldman Sachs.
Trump Media has agreed to provide up to $300 million in cash to TAE. Trump Media has launched several projects in recent months, including cryptocurrency-related financial products and a video streaming platform, but generated only $1.7 million in revenue in the first half of 2025. Nunes and TAE CEO Michl Binderbauer will serve as co-CEOs of the combined company, while Michael Schwab of Big Sky Partners is expected to chair a nine-member board that will include Donald Trump Jr., the president’s son.
The transaction requires shareholder and regulatory approval and is expected to close by mid-2026.
© 2024 AFP
