Trump Media & Technology Group Corp. (DJT) on Friday announced that it is currently undertaking discussions with TAE Technology Inc. and Texas Ventures Acquisition III Corp. (TVA) to spin off its social media platform, Truth Social.

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The company stated that discussions are ongoing to consider spinning off the platform into a new publicly-traded company. Trump Media added that the shares of Truth Social would be distributed to its shareholders of record prior to the closing of the merger with TAE. Thereafter, the social media platform would be merged with Texas Ventures III, the company said.

Trump Media shares were up nearly 2% in Friday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘neutral’ territory, with message volumes at ‘high’ levels.

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