The stock has slumped nearly 70% in the year through Wednesday’s close; last year, it almost doubled, aided by Trump’s successful re-election.
- President Donald Trump’s media business, Trump Media & Technology Group, has been a laggard over the past year.
- Trump’s updates on his Truth Social account suggested strong uptake for the platform, but the DJT’s financial performance suggests otherwise.
- DJT on Thursday announced a $6 billion merger with fusion technology-driven energy company, TAE Technologies.
In a high-octane political year that saw President Donald Trump turn Truth Social into a personal megaphone – frequently posting major policy pronouncements and tariff updates – his media business has quietly struggled.
Then, in a significant twist, Trump Media & Technology Group announced on Thursday that it is merging with TAE Technologies, a fusion technology-focused energy company backed by Google and Chevron, in a $6 billion deal. The combined entity would build the “world’s first utility-scale fusion power plant,” according to a joint statement.
Trump Media’s shares jumped 25% before Thursday’s opening bell on the deal news; before this, they had slumped nearly 70% in the year through Wednesday’s close. Last year, the stock almost doubled, aided by Trump’s successful run for a second term in the White House.
DJT’s Dull Run
Trump Media, popularly known by its ticker symbol DJT, was listed on the New York Stock Exchange in March 2024 through a merger with a special purpose acquisition company. Truth Social forms the bulk of the company’s revenue, with minuscule contributions from the video streaming service, Truth+, and the fintech unit, Truth.Fi. Trump Media also has $2 billion worth of Bitcoin.
However, the company’s losses have risen over the first three quarters of 2025, while revenue has grown modestly. In fact, quarterly revenue breached $1 million in the September and December quarters of last year, when the U.S. elections were underway, and Trump’s campaigning was at its peak.
As Trump Media does not disclose Truth Social's revenue figures, the revenue trends indicate that platform traffic has waned since then.
The DJT stock has been choppy for most of its run, notwithstanding a sharp rally over the recent weeks. Analysts don’t track DJT, and the stock has buzzed or fizzled, often displaying meme-stock characteristics, driven by Trump's moves.
On Stocktwits, the retail sentiment for the DJT has oscillated widely and frequently, with the watcher count increasing by 10% and message volume declining by 12% in the past year. As of early Thursday, it had a ‘bullish’ sentiment reading and ‘high’ message volume.
From Social Media To Crypto To Fusion Technology
The TAE Technologies deal marks a new chapter for Trump Media and shows the President’s thinking about the emerging sectors.
Founded in 1998, TAE’s core business is the research, development, and eventual commercialization of nuclear fusion power plants, based on beam-driven Field-Reversed Configuration (FRC) technology. It also has two subsidiaries focusing on power management (energy storage, fast charging, and energy delivery) and life sciences (fusion tech-driven radiation and medical treatments).
If the deal goes through, it would effectively create one of the first publicly traded entities with a direct fusion business. Trump Media has previously tried to expand into other businesses; in March-April, the company announced a partnership with Crypto.com and plans to launch crypto-based investment products.
In Thursday’s statement, the companies said the all-stock deal would combine Trump Media & Technology Group’s “access to significant capital” with TAE’s “leading fusion technology.” Devin Nunes, TMTG’s chair and chief executive, said the deal would allow the company to “[take] a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations”.
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