The financially struggling Trump Media & Technology Group’s shocking, $6 billion merger with a nuclear fusion developer represents either a bet on more taxpayer dollars being invested in the first fusion player to go public—soon owned in part by the Trump family—or a belief that an influx of capital will speed up the launch of clean, limitless electricity that eventually will transform the global grid.
Trump Media’s struggling stock had plummeted nearly 70% year-to-date prior to the announcement. But the stock value spiked over 40% on the deal news with the market cap rising back above $4 billion on Dec. 18—even though TAE Technologies doesn’t plan to bring its first power plant online until 2031 to start generating revenues.
TAE Technologies CEO Michl Binderbauer recognizes the potential negative perception, but he told Fortune he’s eager to speed up the clean energy revolution that he is confident will come with the so-called merger of equals with Trump Media, which will become a Truth Social media, cryptocurrency, and fusion power conglomerate.
“In the end, if we get more scrutiny because of the deal we did, I actually don’t mind that,” Binderbauer said. “It’s perversely sounding, but I welcome it in a way because we let the technology speak.
“It’s big, bold and fast. You make a big bet with boldness at heart, and it allows you to run really fast,” he said. “I know our technology will succeed. Let it be adjudicated on a perhaps even deeper level. We need more energy; we need clean, scalable power.”
Robert Weissman, co-president of Public Citizen government watchdog group, sees it quite differently as an obviously unethical cash grab by the president and his family.
“It’s a ridiculous merger. Why in the world would those two companies merge, and why would the markets respond positively?” Weissman said. “The markets are betting on the prospect of the Trump grift expanding and for … direct federal government payments to a company whose leading shareholder is the president of the United States.”
TAE has received federal Department of Energy grants dating back to Trump’s first term and continuing through the Biden administration. As part of a reorganization announced in November, the DOE is opening a new Office of Fusion.
The deal would value the merged company at $6 billion, including debt, and Binderbauer and Trump Media head Devin Nunes would serve as co-CEOs, they said. Shareholders of each company would own about 50% of the combined company. Donald Trump Jr. would take one of the nine board seats.
Trump Media will invest up to $200 million in TAE up front and another $100 million before the deal closes in mid-2026, they said.
TAE aims to select a site for its first power plant by the end of 2026 and generate first power by late 2031, on par with the goals of some of its top competitors.
In a statement, White House Press Secretary Karoline Leavitt said the media is irresponsibly trying to fabricate conflicts of interest.
“Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest,” Leavitt said.
The DOE, Trump Org, and Trump Media did not respond to interview or comment requests.
In a media call during which no questions were allowed, Nunes said fusion power will lower energy prices, bolster national defense, and support “America’s dominance” of AI.
“Why is fusion power revolutionary? It’s because fusion power plants are now feasible at commercial scale, and they will produce reliable, cost-effective, dispatchable, and carbon-free electricity, and industrial heat with no nuclear meltdown risk or radioactive waste,” Nunes added.
The potential of fusion
The joke about fusion energy is it’s always 30 years away and not getting any closer.
However, the breakthrough scientific moment came at the end of 2022 when scientists at Lawrence Livermore National Laboratory successfully achieved “first ignition,” fusing atoms through extreme heat to generate more energy than the setup consumes for the first time ever.
Since then, TAE and other competitors have continued to make greater fusion progress on their various scientific approaches to fusion power generation.
Whereas traditional nuclear fission energy creates power by splitting atoms, fusion uses heat to create energy by melding them together. In the simplest form, it fuses hydrogen found in water into an extremely hot, electrically charged state known as plasma to create helium—the same process that powers the sun. When executed properly, the process triggers endless reactions to make energy for electricity. But stars rely on overwhelming gravitational pressure to force their fusion. Here on Earth, creating and containing the pressure needed to force the reaction in a consistent, controlled way remains an engineering challenge.
While TAE and others are targeting the early 2030s to bring the first commercial fusion power plants online, industry analysts agree it will take several additional years at least to start making a notable dent in the nationwide or even global energy grid. Still, the long-term potential remains huge.
“Fusion power is the answer to providing reliable, cost-effective, carbon-free electricity,” Binderbauer said.
TAE was founded 27 years ago—originally as Tri Alpha Energy—but stayed in stealth mode until 2015. Actor turned entrepreneur and angel investor Harry Hamlin was even a cofounder back in 1998. An Austrian-American physicist, Binderbauer served as the founding chief technology officer, eventually rising to CEO in 2018.
“Do you raise $1 billion in scaled capital over multiple years? Or do you have it come at high velocity?” Binderbauer asked. “The high velocity is critical if you want to build something quickly and efficiently.
“The concerns are very secondary.”
That’s what makes the Trump Media deal so critical, he said.
While the rest of the trucking industry faces a driver shortage, Walmart has managed to boost its driver numbers with six-figure starting pay and other perks that are catching the eye of even non-traditional applicants.
The mega retailer, which has claimed the top spot on the Fortune 500 for the past 13 years, has increased its number of in-house truck drivers by 33% over the past three years in part thanks to better wages and benefits.
In 2022, it boosted drivers’ starting pay to around $115,000 from an average salary of $87,000 previously. At the high end, drivers can make $135,000 per year, according to a Walmart spokesperson. The 2024 median pay for heavy and tractor-trailer truck drivers was $57,440 per year, according to the Bureau of Labor Statistics.
Apart from a pay increase, Walmart also uses technology that allows for more reliable schedules compared to other companies. While some in the trucking industry are away for weeks at a time, Walmart gives its drivers consecutive days off of work and assigns them regional delivery territories to allow them to be home every week, a Walmart spokesperson told Fortune.
These perks, along with the better-than-average pay, have increasingly helped the company expand its pool of drivers and include more women. Just 9.5% of truck drivers in the U.S. are women as of 2024, according to the Women in Trucking Index—that’s compared to an estimated 18% of drivers at Walmart, according to a study by workforce intelligence company Revelio Labs that was viewed by Fortune. Bloomberg first reported on the study.
Through a 12-week training program that helps store associates transition to the trucking industry, Walmart has also increased its number of women drivers, a spokesperson said. Around 1,000 people have gone through the program, Bloombergreported, representing about half of the company’s new drivers.
Possibly due to its efforts, Walmart has a five percentage point oversupply of truck drivers compared to its demand, according to the study by Revelio Labs.
Walmart’s efforts to bring in more drivers, including those with less experience, is pivotal as the broader trucking industry faces a driver shortage that is expected to bring a shortfall of 160,000 drivers by 2028, according to the American Trucking Association. The broader category of U.S. retail, currently faces a shortfall of drivers, with demand for drivers exceeding supply by seven percentage points, according to Revelio Labs.
Older truck drivers are retiring and younger people aren’t keen to jump into trucking partly due to the long hours and time away from home. A 1,000-person survey from heavy-duty truck parts company FinditParts found that a quarter of Americans would not become truck drivers no matter what pay they were offered.
For Walmart, any disadvantage in its supply chain, including a driver shortfall, could put it at a disadvantage with Amazon, with which it has been increasingly competing with in recent years, especially with its Walmart+ membership.
Without enough drivers, supply chains are delayed and prices go up. Finding and retaining drivers is thus of the utmost importance for companies like Walmart, Paul Bingham, a director of transportation consulting at S&P Global Market Intelligence, told Bloomberg.
“Trucking companies will need more drivers,” he said. “and they’ll have to attract them from the non-traditional population cohorts.”
The “Warrior Dividend” that President Donald Trump announced during his televised address to the nation Wednesday is not a Christmas bonus made possible by tariff revenues, as the president suggested.
Instead, the $1,776 payments to troops are coming from a congressionally-approved housing supplement — money they were already set to receive — that was a part of tax cut extensions and expansions bill signed into law in July. Trump’s administration identified the source of the “dividend” payments Thursday.
In his remarks, Trump alluded to his “One Big Beautiful Bill Act” playing a role, but suggested that tariffs were largely responsible for the payments already on the way to 1.45 million members of the military.
“We made a lot more money than anybody thought because of tariffs and the bill helped us along. Nobody deserves it more than our military,” he said in announcing what he described as a “dividend.”
Trump has teased the idea of using his sweeping tariffs on imports to give Americans dividends ever since he imposed them in April. But these new payments are being disbursed by the Pentagon from a $2.9 billion military housing supplement that was part of Trump’s “One Big Beautiful Bill Act” to augment existing housing allowances, according to a senior administration official who requested anonymity to describe the payments.
The amount of the payments is a nod to next year’s 250th anniversary of the signing of the Declaration of Independence in 1776. In total, the measure is expected to cost $2.6 billion.
Trump’s announcement comes as he’s faced pressure to show he’s working to address rising costs for Americans, with prices remaining stubbornly high as the president has imposed double-digit tariffs on imports from almost every country. Trump has promised to lower prices, but he has struggled to do so. Inflation hit a four-decade high in June 2022 during Joe Biden’s presidency and then began to fall. But inflation has stayed elevated under Trump in part because of his tariffs.
Separately, members of the U.S. Coast Guard will be getting a similar one-time payment, the Department of Homeland Security announced Thursday. The “Devotion to Duty” payments, authorized by Secretary Kristi Noem a day earlier, will be $2,000 because, unlike the “Warrior Dividend,” they are subject to taxes. The amount Coast Guard members take home will be closer to $1,776.
The payments, according to the Coast Guard, will be classified as “special duty pay.” They will be paid for with money in a measure Trump signed in November, after a 43-day shutdown, that funds the government through January.
It’s not the first time Trump has brandished ‘dividends’
Sending money to voters is a timeworn tool for politicians and one that Trump has repeatedly tried to use, including this year.
Trump has for months suggested every American could receive a $2,000 dividend from the import taxes — an effort that seemed designed to try to shore up support for tariffs, which the president has said protect American industries and will lure manufacturing back from overseas.
But that particular pledge appeared to exceed the revenues being generated by his tariffs, according to a November analysis by the right-leaning Tax Foundation. The analysis estimated that the $2,000 payments being promised to taxpayers could add up to between $279.8 billion and $606.8 billion, depending on how they were structured.
The analysis estimated that Trump’s import taxes would produce $158.4 billion in total revenue during 2025 and another $207.5 billion in 2026. That’s not enough money to provide the payments as well as reduce the budget deficit, which Trump has also claimed his tariffs are doing.
Earlier this year, as his Department of Government Efficiency was slashing the U.S. government and its workforce, Trump had briefly proposed sending a DOGE “dividend” back to U.S. citizens.
Neither the tariff dividend or DOGE dividend has come to fruition, and members of Trump’s own party as well as officials in his administration have expressed some skepticism about the idea. There is also the risk that the payments being promised by Trump could push up inflation, as they would likely spur greater consumer spending. Republican lawmakers argued in 2021 that the pandemic relief package from then-President Biden — which included direct payments — helped trigger the run-up in inflation.
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Associated Press writers Rebecca Santana, Konstantin Toropin and Lisa Mascaro contributed to this report.
House Democrats released several dozen more photos Thursday from the estate of the convicted sex offender Jeffrey Epstein, showing his associations with the rich and famous, as the Department of Justice faces a deadline to release many of its case files on the late financier by the end of the week.
The photos released Thursday were among more than 95,000 that the House Oversight Committee has received after issuing a subpoena for the photos that Epstein had in his possession before he died in a New York jail cell in 2019. Congress has also passed, and President Donald Trump has signed, a law requiring the Justice Department to release its case files on Epstein, and his longtime girlfriend and confidante Ghislaine Maxwell, by Friday. Anticipation about what those files will show is running high after they have been the subject of conspiracy theories and speculation about his friendships with Trump, former President Bill Clinton, the former Prince Andrew, and others.
House Democrats have already released dozens of photos from Epstein’s estate showing Trump, Clinton and Andrew, who lost his royal title and privileges this year amid scrutiny of his relationship with the wealthy financier. The photos released Thursday showed Epstein cooking with Sultan Ahmed bin Sulayem, an Emirati businessman. The photos also include the billionaire Bill Gates and images of a 2011 dinner of notable people and wealthy philanthropists hosted by a nonprofit group. The committee made no accusations of wrongdoing by the men in the photos.
There were also images of passports, visas and identification cards from Russia, the Czech Republic, Ukraine, South Africa and Lithuania with personally identifying information redacted, as well as photos of Epstein with women or girls whose faces were blacked out. The committee has said it is redacting information from the photos that may lead to the identity of victims being revealed.
Rep. Robert Garcia, the top Democrat on the oversight panel, said in a statement that the “new images raise more questions about what exactly the Department of Justice has in its possession. We must end this White House cover-up, and the DOJ must release the Epstein files now.”
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Politics8 years ago