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The President’s eponymous social media company, Trump Media & Technology Group (DJT), fell nearly 2.5% Friday after it announced it plans to spinoff Truth Social, the far-right social media site and the company’s only notable asset
The separation looks less like a strategic pivot and more like DJT setting up Truth Social for a reverse merger it likely can’t execute on its own via a SPAC, Texas Ventures Acquisition III. Remember, in December of last year, Trump Media announced a merger with TAE Technologies, a private fusion energy company in an all-stock transaction worth $6 billion.
The deal would let the newly combined company shed the social media site and the other dead weight. DJT owns Truth+, a streaming/video service built around “news, Christian content, and family‑friendly content” and Truth.Fi, an early‑stage “America First” investment and crypto brand, but they’re not all that relevant right now.
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The whole deal looks like a bet on power management and energy storage, and allows the company to ditch the relatively unprofitable social media site. Truth Social has never generated meaningful ad revenue, posting a 4% revenue decline in the last quarter, and trades more on political theater than financial fundamentals. But by spinning it off into its own entity and merging it with Texas Ventures Acquisition III — an existing blank-check shell company listed on Nasdaq with cash in trust — DJT gets to hand Truth Social a public listing and a capital infusion it could never have earned through a traditional IPO.
If you’re as confused as we are, that’s the point, because at the end of the day, these companies aren’t successful in any traditional sense but still serve as tools for the Trump Family to look and sound like they are.
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