Trump Media & Technology Group on Friday said it may spin off its Truth Social app into a separate, publicly traded business as it moves forward with a $6 billion merger with fusion energy company TAE Technologies.

In a statement, Trump Media said that the spinoff, if approved, would occur after the merger with TAE is completed, and shareholders would be given stock in the newly separated business. Truth Social would then merge with another company, Texas Ventures III, a special purpose acquisition company formed in 2024 to acquire or merge with other businesses.

According to Trump Media's most recent proxy, President Trump owns 52% of the company's outstanding shares. Mr. Trump, who has 11.8 million subscribers on Truth Social, is seen as the platform's greatest asset.

Spinning off Truth Social would represent another strategic shift for Trump Media & Technology Group, which launched in 2021 as a business focused on the conservative-leaning social media space. Since its debut, Truth Social hasn't gained much traction with advertisers, with the platform's revenue dipping 4% in the quarter ended Sept. 30, according to its most recent quarterly report.

Over the past year, Trump Media has branched into financial services, debuting several investment funds and buying $2 billion in bitcoin to create a cryptocurrency reserve. The company pivoted again in December when it said it would merge with TAE Technologies, seeking to fund a fledgling industry that is aiming to power energy-hungry artificial intelligence data centers.

Trump Media cautioned that it is only exploring a possible spinoff of Truth Social, noting that it is "engaged in ongoing discussions" about the plan. The company didn't disclose a date or timeframe for deciding on whether to proceed with such a transaction.

Trump Media shares — which trade under the ticker symbol "DJT," Mr. Trump's initials — have dropped roughly 18% this year. The stock rose less than 1% to $11.02 in early trading on Friday.

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