Trump Media and Technology and TAE Technologies said on Wednesday that ​they had decided against spinning off Truth Social and ‌certain other TMTG media assets into a new publicly listed company.

TMTG, founded by U.S. President Donald Trump and known for ​its conservative-focused Truth Social platform, has faced challenges scaling ​its media business amid competition from larger social ⁠networks and uneven user growth.

TMTG said it remained focused on completing its merger with TAE and targets closing the deal in the fourth quarter ​of this year or sooner.

In December, TMTG agreed ​to merge with TAE in an all-stock deal valued at more than $6 ‌billion, ⁠marking a pivot toward fusion energy and the creation of a publicly traded company focused on developing utility-scale power plants to help meet rising electricity demand, ​including from AI ​data centers.

California-based ⁠TAE Technologies is developing nuclear fusion technology and has raised more than $1 billion ​from investors, including Alphabet's Google and oil major ​Chevron.

Earlier this ⁠year, TMTG appointed Kevin McGurn as its interim CEO. McGurn has been an adviser to Trump Media since December 2024.

Shares ⁠of ​TMTG were down about 1% in ​premarket trading. They have fallen more than 38% this year.

-Reuters