ChainCatcher reports that Trump Media & Technology Group is considering spinning off its flagship social media platform, Truth Social, into a publicly traded company, potentially prioritizing its cryptocurrency ambitions.
The company announced on Friday that it is in discussions with fusion energy startup TAE Technologies and Texas Ventures Acquisition III about a potential deal, which would take control of Truth Social. These discussions build on a merger agreement reached between Trump Media and TAE Technologies in December last year, valued at over $6 billion.
Once the merger is completed, Truth Social may be spun off into a new publicly traded company called SpinCo, which would then merge with Texas Ventures III. Shares of SpinCo will also be distributed to Trump Media shareholders. Trump Media & Technology Group plans to enter the cryptocurrency space in 2025, establishing the fintech brand Truth.Fi to support its crypto products and services, and in late September, it also set up a Bitcoin treasury holding over 11,500 BTC.
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Trump Media & Technology Group: Considering spinning off the social platform Truth for a separate listing to prioritize cryptocurrency business
ChainCatcher reports that Trump Media & Technology Group is considering spinning off its flagship social media platform, Truth Social, into a publicly traded company, potentially prioritizing its cryptocurrency ambitions.
The company announced on Friday that it is in discussions with fusion energy startup TAE Technologies and Texas Ventures Acquisition III about a potential deal, which would take control of Truth Social. These discussions build on a merger agreement reached between Trump Media and TAE Technologies in December last year, valued at over $6 billion.
Once the merger is completed, Truth Social may be spun off into a new publicly traded company called SpinCo, which would then merge with Texas Ventures III. Shares of SpinCo will also be distributed to Trump Media shareholders. Trump Media & Technology Group plans to enter the cryptocurrency space in 2025, establishing the fintech brand Truth.Fi to support its crypto products and services, and in late September, it also set up a Bitcoin treasury holding over 11,500 BTC.