Trump Media & Technology Group: Considering spinning off the social platform Truth for the purpose of prioritizing the development of its cryptocurrency business

Trump Media & Technology Group announced that it is considering spinning off its flagship social media platform Truth Social into a publicly traded company, a move that may prioritize its ambitions in the cryptocurrency space.

The company stated on Friday that it is in discussions with energy fusion startup TAE Technologies and Texas Ventures Acquisition III regarding a potential deal, which would control the Truth social media platform. This discussion builds on a merger agreement reached between Trump Media and TAE Technologies last December, valued at over $6 billion. Upon completion of the merger, Truth Social may be spun off into a new public company named SpinCo, which would then merge with Texas Ventures III. Shares of SpinCo would also be distributed to the shareholders of Trump Media. Trump Media & Technology Group is set to enter the cryptocurrency space in 2025, launching a fintech brand, Truth.Fi, to support its cryptocurrency products and services, while also establishing a Bitcoin treasury in late September that holds over 11,500 Bitcoins.