by Ben Whedon
Though known primarily for creating Truth Social, the president’s favored Twitter alternative, the company has since leveraged the money raised through its IPO to enter the crypto market, betting markets, nuclear fusion, AI, and content streaming.
The Trump Media and Technology Group (TMTG) began as part of President Donald Trump’s attempt to circumvent big tech censorship, but has since sprawled into an array of unrelated industries to become a financier and driver of key digital age enterprises.
Though known primarily for creating Truth Social, the president’s favored social media alternative, the company has since leveraged the money raised through its IPO to enter the crypto market, betting markets, nuclear fusion, AI, and streaming.
“The Trump media, I always say, was not started because President Trump needed a company,” TMTG CEO Devin Nunes said on the “Just the News, No Noise” television show. “It was started out of a necessity, and what was born is a technology company. Yes, we're social media, but we built our own technology, and this builds on that.”
Shares in TMTG stood at roughly $14.00 on Thursday, down considerably from its IPO, when shares went in the mid-60s range. But that hasn’t stopped the company from making major acquisitions and leveraging the stock itself to follow through.
After the firm’s 2024 IPO, CEO Devin Nunes told Just the News that the company had no debt and significant cash available to finance its expansion.
Nunes: Challenging the woke news monolith
"We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people,” he said at the time.
Cash on hand ballooned to $759 million by May 2025, at which time the company made a deal to trade $1.5 billion in stock and $1 billion in convertible notes for $2.5 billion in Bitcoin, marking the company’s first foray into digital currency.
Global streaming television in the form of Truth+ followed in July, with TMTG partnering with NEWSMAX.
"There is clearly a need globally for fresh perspectives on the great issues of our day, and we’re laying the groundwork to challenge the woke news monolith with hard-hitting, non-woke reporting and commentary," Nunes said at the time.
AI followed in August in the form of a partnership with Perplexity that aimed to integrate AI tools inside Truth Social. In October, it jumped into prediction markets, by partnering with Crypto.com.
But the company took its most aggressive turn in late December, by merging with fusion power company TAE Technologies in a $6 billion all-stock deal.
"Fusion power will be the most dramatic energy breakthrough since the onset of commercial nuclear energy in the 1950s—an innovation that will lower energy prices, boost supply, ensure America’s A.I.-supremacy, revive our manufacturing base and bolster national defense,” Nunes said.
The new venture puts Trump's favorite social media company squarely in the energy business at a time when energy demand is soaring at the advent of the AI era, where power-hungry supercomputers are placing strain on the grid.
It also places the Trump company among some of Wall Street's biggest names who have been backing TAE's foray into fusion, including Charles Schwab, Stanley Druckenmiller, Google, and oil giant Chevron.
Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.
Source: https://justthenews.com/nation/technology/trump-media-began-app-now-its-doing-pretty-much-everything
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