Trump Media Targets Nuclear Fusion Through Merger With TAE: Wedbush's Dan Ives Reacts

Video Description

Trump Media & Technology Group Corp., the company behind Truth Social, is getting into nuclear fusion. Bloomberg's Tom Keene and Paul Sweeney get reaction from Dan Ives of Wedbush Trump Media & Technology Group Corp., the company behind Truth Social, is getting into nuclear fusion. The company said Thursday it will merge with TAE Technologies Inc., a closely held fusion developer founded in 1998, in a transaction valued at more than $6 billion. Shareholders of each company will own about 50% of the combined business after the all-stock deal is completed, Trump Media said in a statement. The deal marks another dramatic pivot for the company linked to the family of President Donald Trump, which has previously diversified into offering financial products. Trump Media shares jumped as much as 40% in pre-market trading in New York. Interest in nuclear fusion has gained momentum since the process was created in laboratory conditions for the first time in 2022. Recreating that at a commercial scale offers the tantalizing prospect of cheap and abundant power with next to no pollution, but the technical obstacles remain formidable. The Trump Media-TAE deal will create one of the world’s first publicly traded fusion companies, according to the statement. The combined company plans to begin construction next year on the world’s first utility-scale fusion power plant, subject to required approvals. TAE has raised more than $1.3 billion in equity capital since its inception from investors including Google, Chevron Technology Ventures and Goldman Sachs Group Inc., according to the statement. Once the deal closes, current Trump Media Chief Executive Devin Nunes and TAE boss Michl Binderbauer will serve as co-CEOs. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake