Trump Media & Technology Group is advancing toward completing a merger with TAE Technologies, a company focused on developing nuclear fusion energy, according to a regulatory filing submitted Wednesday with the Securities and Exchange Commission (SEC). The deal, originally announced in December, would create a combined entity with President Donald Trump retaining a substantial stake.
Under the terms outlined in the filing, Mr. Trump would hold just over 20 percent of the merged company’s stock. His eldest son, Donald Trump Jr., who manages a trust controlling the president’s shares, is expected to remain on the board after the merger closes. The transaction would position TAE Technologies, which has spent more than 20 years developing fusion technology, as a subsidiary of Trump Media.
Trump Media, which became public in 2024 via a merger with a special purpose acquisition company (SPAC), will continue as the publicly traded vehicle, maintaining its ticker symbol, DJT. The companies plan to retain much of TAE’s current management, with Trump Media interim CEO Kevin McGurn and TAE Technologies CEO Michl Binderbauer anticipated to serve as co-chief executives of the combined firm.
Mr. McGurn emphasized the strategic significance of fusion energy, stating the belief that “commercial-scale fusion power will be the technology that secures America’s energy independence and delivers a decisive edge in the global race for A.I. dominance.”
Both businesses have faced financial challenges. TAE Technologies, which counts Google among its major investors, holds over 1,600 patents and has constructed six experimental fusion reactors. However, the filing discloses an accumulated deficit of $1.8 billion since the company’s inception and raises “substantial doubt” about its ability to continue operations without further funding. Fusion energy remains an experimental technology, often viewed as a potential clean energy source for the future.
Trump Media’s main asset is its social media platform Truth Social, whose user engagement has recently declined. Mr. Trump owns roughly 41 percent of Trump Media’s shares, valued at approximately $1 billion—markedly lower than the $6 billion valuation shortly after the company’s public debut. Despite holding a large stake, Mr. Trump does not hold an active management role and has not sold any shares since the company was listed.
The merger talks reportedly accelerated late last year. TAE Technologies had previously explored going public through its own SPAC merger before engaging in discussions with Trump Media’s executives.
If completed as expected this year, the deal would forge a unique corporate union between a social media company tied to a former president and a firm at the forefront of nuclear fusion research, reflecting a convergence of energy innovation and digital platform ambitions amid ongoing uncertainties in both sectors.