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The Trump family media group has agreed to combine with Google-backed fusion energy company TAE Technologies in a deal valued at $6bn.
In a statement on Thursday, the two companies said the all-stock deal would combine Trump Media & Technology Group’s “access to significant capital” with TAE’s “leading fusion technology”.
The combined company plans to begin construction next year on the “world’s first utility-scale fusion power plant”, with further plants to follow, the statement said.
Shares in TMTG, which is controlled by US President Donald Trump’s family and runs the Truth Social app, rose as much as 37.5 per cent in pre-market trading following the announcement.
US-based TAE Technologies, one of the world’s oldest private fusion ventures, is backed by Google and Chevron.
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”.
This is a developing story
