Trump Media and Technology Group (DJT) is considering spinning off Truth Social—its free speech-focused social media platform championed by President Donald Trump—into its own public entity, the firm announced on Friday.
The move would see Truth Social and other Trump Media businesses become SpinCo, which would then merge with Texas Ventures III. However, some assets and businesses would remain with the Trump Media, though the firm did not indicate which.
“The contemplated transaction is intended to create shareholder value through the creation of pure play companies, each with distinct strategies,” the firm’s announcement reads.
The news did not immediately register any positive impacts for DJT shareholders though. Shares in the firm are down around 2.10% today as broader markets decline. It has now fallen around 40% in the last six months, recently changing hands around $10.73.
While the comment above might suggest that Trump Media’s crypto initiatives would remain alongside Truth Social, details about its crypto-related plans were not immediately clear. A representative for the firm did not immediately respond to Decrypt’s request for comment.
Last year the firm sought to “protect itself from discrimination from financial institutions” by adding $2 billion in Bitcoin and Bitcoin-related securities to its balance sheet.
