Trump Trade: Trump Media to merge with TAE Technologies

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

MERGER: Trump Media & Technology Group Corp. (DJT) and TAE Technologies announced the signing of a definitive merger agreement to combine in an all-stock transaction valued at more than $6B. Upon closing, shareholders of each company will own approximately 50% of the combined company on a fully diluted equity basis. The companies said, “Highlights: Transaction to create one of the world’s first publicly traded fusion companies. Deal to combine TMTG’s access to significant capital and TAE’s leading fusion technology. In 2026, the combined company plans to site and begin construction on the world’s first utility-scale fusion power plant, subject to required approvals. Additional fusion power plants are planned and expected to be 350 – 500 MWe. Fusion power plants are expected to provide economic, abundant, and dependable electricity that would help America win the A.I. revolution and maintain its global economic dominance. TMTG’s balance sheet to accelerate the path to power. The transaction will combine the strength of TMTG’s strong balance sheet with TAE’s leading technologies. As part of the transaction, TMTG has agreed to provide up to $200M of cash to TAE at signing and an additional $100M is available upon initial filing of the Form S-4.”

Under the terms of the merger agreement, TAE and TMTG shareholders will each own approximately 50% of the combined company at closing, stated on a fully diluted equity basis. Based on TMTG’s trailing 30-day VWAP share price as of market close on December 17, the transaction values each share of TAE common stock at $53.89 per share. Upon closing, Trump Media & Technology Group will be the holding company for Truth Social, Truth+, Truth.Fi, TAE, TAE Power Solutions and TAE Life Sciences, among others. The transaction, which was approved by the boards of directors of both companies, is expected to close in mid-2026, subject to customary closing conditions, including shareholder and regulatory approvals. TMTG CEO Devin Nunes and TAE CEO Michl Binderbauer will serve as co-CEOs of the combined company. Nunes will continue to lead all Trump Media brand operations. Binderbauer will manage TAE Technologies. The combined company will be managed by a nine-member board of directors, comprised of two directors from TMTG-includes Nunes and Donald J. Trump Jr.-two directors from TAE-including Binderbauer and Schwab-and five other independent directors to be selected and named later. Schwab is expected to be named board chair.

FENTANYL EXECUTIVE ORDER: Nutriband (NTRB) provided a response to the Trump Administration’s Executive Order designating illicit fentanyl and its core precursor chemicals as weapons of mass destruction. “The designation of illicit fentanyl as a weapon of mass destruction reflects the extreme danger posed by illegally manufactured and trafficked fentanyl and fentanyl-laced products. However, this designation must not be conflated with FDA-approved prescription fentanyl therapies, such as transdermal fentanyl patches, which are produced under rigorous regulatory oversight and prescribed to patients suffering from severe chronic pain. These medically necessary products serve a critical role in patient care and access must be maintained while aggressively combating illicit fentanyl entering the country through illegal, unregulated channels. Chronic pain patients cannot be forced to suffer due to a lack of access to appropriate medications used in the management of their condition, including all FDA approved prescription fentanyl products.”

IMMIGRATION POLICY IMPACT: A union-aligned investment group asked Amazon (AMZN), Walmart (WMT), and Alphabet (GOOGL) to disclose how President Trump’s immigration policies, including higher H-1B visa fees and enforcement actions, are affecting their finances, labor access, and supply chains, Reuters’ Arriana McLymore and Ross Kerber reports. SOC Investment Group, which holds stakes in all three companies, also sought details on impacts to trucking and farming operations critical to retail stocking.