Kevin McGurn, the interim chief executive officer of Trump Media & Technology Group Corp., is exploring a plan to separate the company’s social media and streaming platforms from its digital asset holdings and fusion energy partnership. The potential restructuring could reshape the trajectory of DJT stock, which continues to trade near its 52-week lows.
According to a report in the Wall Street Journal, McGurn stated that both retaining the current structure and pursuing a spin-off are under consideration. However, he emphasized that the spin-out is the path the company is actively pursuing. The move would create two distinct entities: one focused on Truth Social and Truth+, and another encompassing the firm’s crypto investments and its planned merger with TAE Technologies.
Trump Media posted a consolidated net loss of $712.3 million for the full year 2025, against revenue of just $3.7 million. Despite the heavy losses, the company reported financial assets of approximately $2.5 billion. DJT shares last traded at $9.39 on May 1, giving the company a market capitalization near $2.6 billion. The stock’s 52-week range spans from $8.31 to $27.77, well below its post-debut highs following the company’s public listing in 2024.
McGurn, 53, was appointed interim CEO on April 21, replacing Devin Nunes. His compensation package includes a $125,000 monthly salary for an initial nine-month term, along with 146,198 restricted stock units that will vest over time. Nunes will continue to receive payments through September 30 and will have 96,721 restricted stock units vest early. The company also added Meredith O’Rourke and Boris Epshteyn to its board of directors.
The proposed spin-off is not yet final. In February, Trump Media, TAE Technologies, and Texas Ventures Acquisition III announced discussions about a structure where a new public company would hold Truth Social and related assets. Eligible Trump Media investors would receive shares in the new entity before it merges with Texas Ventures III, a special purpose acquisition company (SPAC). The deal would separate the media operations from the fusion energy and digital asset ventures, giving investors a clearer choice.
Stanford Law School professor Michael Klausner, a SPAC expert, told the Journal that spin-offs can be effective when businesses are difficult to manage together or confusing for the market. He noted that some investors may have an emotional or political attachment to Trump Media, which could influence their decisions.
The fusion energy partnership is the more ambitious component. In December, Trump Media struck an all-stock merger with TAE Technologies valued at over $6 billion. TAE, backed by Alphabet’s Google and Chevron, is developing nuclear fusion technology—the same reaction that powers the sun—though large-scale commercial energy from fusion remains unproven.
Trump Media faces significant challenges. The company is competing in a crowded market with larger, established players. For its 2025 compensation peer group, it listed companies like Roku, Rumble, and Sprout Social, signaling the benchmarks that could shape how investors view Truth Social’s standalone potential.
Uncertainty remains high. The spin-off still requires approval from the board, regulators, and shareholders. The company’s disclosures highlight numerous risks, including digital asset price volatility, funding constraints, legal challenges, competition, and the feasibility of TAE’s fusion technology. McGurn’s task is to value a conglomerate with disparate parts—political social media, streaming, financial services, digital assets, and a long-shot fusion bet—all under one ticker.
