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The Trump family’s media group is weighing plans to spin off the Truth Social social media platform that is extensively used by Donald Trump, as it seeks to reposition itself as a major player in nuclear energy.
Trump Media & Technology Group on Friday said it was engaged in “ongoing discussions regarding a potential spin-off” of businesses including Truth Social — the US president’s preferred social media mouthpiece — into a new listed company.
The announcement comes two months after TMTG agreed a $6bn deal to combine with Google-backed fusion energy company TAE Technologies.
The two companies said they hoped to begin work later this year on a power plant to meet the soaring energy demands of AI.
TMTG said businesses including Truth Social would merge with a publicly listed special purpose acquisition company called Texas Ventures III if the spin-off proceeded.
This is a developing story