Trump Media and TAE Technologies will not spin off Truth Social
The Nasdaq Market site is seen on the day that shares of Truth Social and Trump Media & Technology Group start trading under the ticker “DJT”, in New York City, U.S., March 26, 2024. REUTERS/Shannon Stapleton
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June 10 : Trump Media and Technology and TAE Technologies said on Wednesday they have decided to not spin off Truth Social and certain other TMTG media assets into a new publicly listed company.
Founded by U.S. President Donald Trump and known for its Truth Social platform aimed at conservative audiences, TMTG has faced challenges scaling its media business amid competition from larger social networks and uneven user growth.
The companies did not provide a reason for walking back the idea of a Truth Social spin off.
TMTG said it remains focused on completing its merger with TAE and targets closing the deal in the fourth quarter of this year or sooner.
Shares of TMTG were down around 1 per cent in premarket trading after falling over 38 per cent so far this year.
Source: Reuters
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