Trump Media and Technology Group (DJT) is considering spinning off Truth Social, the free speech-focused social media platform championed by President Donald Trump, into its own public entity, the company announced Friday.
The move will see Truth Social and other Trump Media businesses become SpinCo, which will later be merged with Texas Ventures III. However, some assets and operations will remain with Trump Media, which the company did not disclose.
Shares in the new entity will be offered to DJT shareholders before the company announces its merger with power convergence company TAE Technologies. Merger with Trump Media still on hold.
“The proposed transaction is intended to create shareholder value through the creation of pure operating companies, each with distinct strategies,” the company’s announcement said.
However, this news did not have an immediate positive impact on DJT shareholders. The company’s stock price is down about 2.10% today as the overall market declines. It has fallen about 40% over the past six months and has recently hovered around $10.73.
The above comments may suggest that Trump Media’s crypto efforts will continue to exist alongside Truth Social, but details of its crypto-related plans were not immediately clear. A company representative did not immediately respond. of decryption Request for comments.
Last year, the company sought to “protect itself from discrimination from financial institutions” by adding $2 billion in Bitcoin and Bitcoin-related securities to its balance sheet.
Also, Bitcoin ETF Since June last year, Crypto Asset Blue Chip ETFwhich includes other tokens such as: Ethereum, Solana (SOL) and Ripple linked XRP.
The company is Intent to strengthen the provision of virtual currency ETFs Earlier this year, it filed for a joint Bitcoin and Ethereum ETF under the Truth Social brand, as well as an ETF centered around CRO, a token linked to Crypto.com.
We are also working with Crypto.com. Digital token to be airdropped to Trump Media shareholders Because we’re trying to introduce crypto rails across our business. of Broker participant deadline A bill to provide shareholder information was passed earlier this month, but tokens have not yet been distributed.
