Truth Social parent company Trump Media & Technology Group announced a deal on Thursday to merge with nuclear fusion company TAE Technologies.
The surprise merger drove shares of Trump Media 17% 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% of the combined entity.
The news 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.
Trump Media has announced efforts to diversify into artificial intelligence, crypto and asset management.
This is a developing story and will be updated.
