Trump Media & Technology Group said Friday it is considering spinning off its Truth Social platform into a separate publicly traded company as it advances a planned $6 billion merger with fusion-energy firm TAE Technologies, CBS News reports.

Under the proposal, the spinoff would take place after the TAE merger closes.

Shareholders would receive stock in the newly independent Truth Social, which would then merge with Texas Ventures III, a special purpose acquisition company formed in 2024.

According to the company’s latest proxy filing, President Donald Trump owns roughly 52% of Trump Media’s outstanding shares.

Trump, who has 11.8 million followers on Truth Social, is widely viewed as the platform’s central draw.

The potential separation marks another strategic shift for the company, which launched in 2021 as a conservative-focused social media venture.

Truth Social has struggled to attract significant advertising revenue, reporting a 4% decline in revenue in the quarter ended Sept. 30.

Over the past year, Trump Media has diversified beyond social media, launching investment funds and purchasing $2 billion in bitcoin to build a cryptocurrency reserve.

In December, it pivoted again, announcing plans to merge with TAE Technologies in a move aimed at supporting fusion energy development to power AI-driven data centers.

The company emphasized that discussions around a Truth Social spinoff are ongoing and no final decision has been made. No timeline was provided.

Shares of Trump Media, which trade under the ticker “DJT,” are down about 18% this year. The stock edged up less than 1% to $11.02 in early trading Friday.