Trump Media & Technology Group, TAE Technologies Inc. and Texas Ventures Acquisition III have decided not to continue pursuing a spinoff of some media assets, including Truth Social.
Trump Media and TAE, a California-based fusion-energy company, remain committed to finalizing their $6 billion merger announced late last year, the companies said in a statement on Wednesday. They intend to close the transaction in the fourth quarter of this year or sooner.
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In February, Trump Media and TAE began discussions with special acquisition vehicle Texas Ventures Acquisition III about spinning off some Trump Media assets, including Truth Social. The plan was to place the social network founded by President Donald Trump into a new publicly traded company that could be combined with Texas Ventures after the TAE merger.
Trump Media & Technology is valued at about a $1.3 billion and is part of the Trump family's fortune, according to the Bloomberg Billionaires Index. The proposed deal would have had the spun-off company combine with an existing blank-check firm run by allies and business partners of the Trump family, including executives from the Trump Organization.
After the close of the TAE merger, the board of the combined company will evaluate "potential strategic alternatives" for the company's legacy business units, including Trump Media's media assets, according to the statement.
Shares of Trump Media were down less than 1% in premarket trading in New York.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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