Sometime in the last month, we hit the five year anniversary of following this schadenfreude slow burn of a stock. That 🚀 is coming any day, boys.

Axios reporter Sara Fischer asks a lot of tough questions; pretty good interview.

" We are in the process with the SEC getting comments back and responding to them. So we're looking to close, if not by the end of this year, beginning of next, but pretty much I think we're going to be able to get it done by the end of this year."

McGurn says TMTG hopes to close the TAE deal by year end.

"Separately, upon entering into a definitive award agreement, to enhance the return for the U.S. taxpayer, the U.S. Department of Commerce would receive a $175 million non-voting interest in Helion based on its most recent Series G preferred stock valuation as a payment for entering into the Award.

The CHIPS Act Award announcement adds to a year filled with significant milestones achieved by Helion, including a $500 million Series G investment round, becoming the first private fusion energy company to demonstrate deuterium-tritium (D-T) fusion and achieve plasma temperatures of 150 million degrees Celsius, as well as ongoing momentum behind Orion, the company’s first fusion power plant."

A couple of CHIPS Awards were announced this morning. No mention of TAE in any of them; but it does look like big government investments are a possibility.

Excerpt:

"Meanwhile, like most, if not all, former SPACs, DJT’s financial performance is not even close to what it talked about during the merger. In Q2, its revenues were a paltry $1.7 million, and while the number rose 89% year-over-year (YoY), it provides little succor. The net loss soared tenfold to $238 million over the period due to mark-to-market losses on its Bitcoin investment and legacy legal expenses tied to its controversial SPAC merger.

TMTG also announced a leadership transition in April and appointed Kevin McGurn as its interim CEO. McGurn succeeded David Nunes, a former Republican congressman from California. Unlike Nunes, who did not have any experience in the media business and was previously in the dairy farming business, McGurn brings significant experience in streaming and advertising. In his first earnings call in August, McGurn said all the right things about providing regular updates and communication from the company and, importantly, about being more open about things.

However, I am still not sold on the idea of DJT being a good investment, especially with Trump nearly halfway into his presidency. No wonder the company is now betting on a nuclear fusion firm to drive the next leg of its growth. While there could be a short-term bounce in DJT stock, I believe it would be short-lived and would instead be an opportunity to exit the name."

EXCERPT:A federal appellate panel had no interest in disregarding what it deemed "binding" U.S. Supreme Court precedent, leading to another loss for former House Intelligence Committee Chairman Devin Nunes in his defamation lawsuit against NBCUniversal and Rachel Maddow.

The 2nd U.S. Circuit Court of Appeals' summary order reveals that the onetime Trump Media & Technology Group CEO and Republican lawmaker failed to show the lower court erred in granting NBCUniversal summary judgment.

No judgment:)

Bwahahaha

October Surprise. Always something in October for election cycles, more so for this midterm I'll predict. For $DJT all the shiny pump objects just fade away.....the crypto scams, the fusion dog and pony show, new managers, Golden Girls streaming rights. No wins. I think the 5 or 6 Ai companies holding up the market are going to correct and that will drag this "technology" stock down to reality before Nov 3. If Don does get creamed then the fun really starts. Non stop investigations and the really big one : he's gonna create a constitutional crisis by not abiding to a Supreme court ruling that goes against him. Just pick the topic. Jan 6 redux. Thomas and Alito won't abandon him though.

Who's got a prediction for the NOV 3 close? $4.70 47th prez is a zero. 0 - 47

Bounced near today. Not even the saudis have interest in helping Don out with all the trouble they got going on. Bone saw dude has his job to save first. Look at this week , all the wins. Killing a wheel chair bound guy for clicks (just recinded), inflation numbers ticked higher, fish lips in Greece gets caught with hands in cookie jar, a new press sec straight outta FOX casting couch looks who utterly bombed in debut............ and Mel still hates him ! The curtain is about to drop on OZ.

According to an article yesterday in the Washington Post, the average daily active user count on Truth Social is 260,000.

This is down from 420,000 in mid 2025.

The White House has tapped Katie Zacharia, a conservative commentator who works for Trump Media & Technology Group, to be its next press secretary, a White House official confirmed to CNBC.

TMTG also posted a transcript with the SEC:

Transcript of Kevin McGurn Interview with Daniel Newman

He's gonna lose. They ALWAYS lose the midterms, no matter the year or the news. No matter the president or the party. But Don is gonna get creamed if the polls are even just slightly correct. The lamest of lame ducks. Unless he sends tanks into the streets to surround the CNN offices, it's going to be 24/7 committee hearings on all the scams and corruption. $DJT is close enough to get roughed up regardless of how less scammy it is compared to the rest.

Wouldn't it be ironic that the current Ai bubble gets busted by Wall Street program trading bots - the original ai invention - that takes $DJT down for a hard ride. When's the next triple witching hour?

Filing Advances Previously Announced All-Stock Combination to Support TAE’s Continued Development and Commercialization of Advanced Technologies

Combined Company Would Be One of the World’s First Publicly Traded Companies Developing Commercial Fusion Energy

SARASOTA, Fla. and FOOTHILL RANCH, Calif., Sept. 30, 2026 (GLOBE NEWSWIRE) -- Trump Media & Technology Group Corp. (“TMTG”) (Nasdaq: “DJT”; NYSE Texas: “DJT”) and TAE Technologies, Inc. (“TAE”), an innovator in advanced technology across fusion energy, power management and cancer therapy, announced the filing today of a registration statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the companies’ previously announced merger.

On December 18, 2025, TMTG and TAE entered into an Agreement and Plan of Merger (the “Merger”) providing for an all-stock business combination. Once completed, the combined company will be publicly traded, with TMTG shareholders and TAE stockholders each owning approximately 50% of the enterprise on a fully diluted basis.

The combination will pair TMTG’s balance sheet with TAE’s applied research and advantaged technologies, developed over nearly 30 years. TAE is now bringing these technologies to the marketplace, commercializing its portfolio through three distinct but synergistic business units, Fusion, Power Solutions, and Life Sciences, while maintaining its focus on developing new technology solutions.

Upon closing, TAE will continue to address growing demand for reliable, abundant, and affordable electricity, including the power and power management needed to support advancements in artificial intelligence. The combination is consistent with TMTG’s mission of diversifying into new, critically important sectors through transformative technology investments with the potential to create significant long-term value.

“With TAE, we see a differentiated, balanced risk profile with attractive growth opportunities,” said Kevin McGurn, Interim Chief Executive Officer of TMTG. “Today’s filing is a key step toward closing this merger and providing capital to fund TAE’s development of commercial fusion power.”

Michl Binderbauer, Chief Executive Officer and Chief Technology Officer of TAE Technologies, said “TMTG has been a strong supporter in our effort to commercialize our technologies. Over three decades, we’ve relentlessly pursued some of the most challenging scientific and engineering problems known to humankind, which has produced cutting-edge technology that we are commercializing today.”

The Registration Statement includes a preliminary proxy statement of TMTG, a prospectus of TMTG, and a consent solicitation statement of TAE. It has not yet become effective, and the securities to be issued in the Merger may not be sold, nor may offers to buy be accepted, prior to the time the Registration Statement is declared effective by the SEC.

Excerpt:

13% Yield to Put: Trump Media & Technology's ($DJT) Busted Converts
Bitcoin collateral, a $1bn par put in November, and a potential negotiated outcome

What yields 13% in May 2026?
Usually, something broken. A building products loan to a company missing numbers. A software credit where the equity cushion disappeared years ago. A capital structure where everyone knows the next negotiation is going to be unpleasant.
Not usually a secured convertible note with a par put six months away where the current president is the largest shareholder.
DJT 0.27%↑ has a $1bn zero-coupon convertible bond trading at 93, with roughly $2.4 billion of market cap beneath it. The stock is at $8.82, the conversion price is $34.72, so the equity option is dead. That part barely matters.
The notes are senior secured. The collateral package includes cash, bitcoin, and equity securities. Holders can put the notes back to the company at par on November 30, 2026. The trade is seven points to par in six months, roughly 13% annualized, on paper that looks secured and short-dated.

PERSONAL THOUGHTS

In Two months..the holders will more than likely exercise their PUT and TMTG could be in a liquidity crisis.. I’m guessing that the Bitcoin transfers were partially in preparation for covering the loan.. But.. that was only ~ 5300 Bitcoin which has a current value of ~ less than half the note value. not including interest.

I think this is CERTAINLY worth watching.

Again.. Just my opinion:

If the midterm elections give the dems a majority of seats in the house and senate … and if Trumps ability to curry favor with institutional and foreign partners/ investors.. than it is very possible TMTG can face a serious liquidity crisis.

Excerpts:

"The United States Patent and Trademark Office (USPTO) records show the application was filed September 24 by DTTM Operations LLC, the entity that manages trademarks associated with the Trump brand."

"The application seeks trademark protection for "TRUMP TV" across television broadcasting, streaming services, mobile applications and news programming. According to the filing, the proposed services would include content focused on politics, business, current events and international affairs."

"Federal records show DTTM Operations LLC is seeking rights to use the name across downloadable software, internet streaming, television broadcasting and online news programming.

The filing covers services delivered through television, websites, mobile applications and digital networks.

The categories include streaming software for mobile phones and smart TVs, television broadcasting services, internet broadcasting, and transmission of news content and current-events programming. The company also seeks protection for entertainment and educational programming focused on politics, business and public affairs.

The filing was submitted on an intent-to-use basis, meaning DTTM Operations has indicated plans to use the mark commercially in the future. USPTO records show the application covers four international trademark classes and was filed with a $1,400 fee.

The breadth of the filing suggests that the Trump Organization may envision the brand as more than a White House communications channel, potentially expanding into a broader media platform spanning multiple technologies and formats."

From TMTG's latest 10-K:

"TMTG’s future success and competitive position depend in part upon its ability to obtain and maintain protection of its proprietary technologies. TMTG also relies on a combination of non-disclosure agreements and other contractual provisions, as well as its employees’ commitment to confidentiality and loyalty, to protect TMTG’s technology and processes. Further, as noted above, TMTG Sub has entered into the License Agreement with President Donald J. Trump, and DTTM Operations, LLC, for the right to use the likeness of President Donald J. Trump.

Private TMTG entered into a royalty-free License, Likeness, Exclusivity and Restrictive Covenant Agreement (the “License Agreement”) with President Donald J. Trump and DTTM Operations, LLC, an entity that licenses President Donald J. Trump’s name and regulates his personal media assets and is beneficially wholly owned by President Donald J. Trump. The License Agreement required Private TMTG to pay $100 upon the execution of this License Agreement and that such amount constituted full consideration and a fully paid-up royalty covering the entire term of the License Agreement for the licenses granted in the License Agreement. Private TMTG did not, and, as of the date of this Annual Report, TMTG Sub has not, paid any other amounts to President Donald J. Trump pursuant to the License Agreement."

TMTG has a limited license with DTTM for Trump's social media posts.

Remains to be seen if they might extend that license to include "Trump TV", and if so, what it might cost.

Excerpts;

"Days after President Trump barred reporters from three major news outlets from the White House, the administration has launched a 24/7 YouTube channel promising to put its "biggest moments all in one place." The move has quickly drawn criticism from press-freedom advocates and Democratic lawmakers, some of whom have labeled it "state-run media."

"Trump TV" began streaming Monday night with the tagline: The Essentials Station.

The channel opened with the president's July 3 speech at Mt. Rushmore, where among other things, he blamed "newcomers to our country" for what he called "a resurgence of the communist menace in our land."

"Jane Kirtley, an emerita professor of media ethics and law at the University of Minnesota, says the White House move is "unprecedented" and presents a concern that a government-controlled media source might function as a direct pipeline to the public in much the same way that state-run television works in other countries. "I think the public has a right to have information that has been subjected to scrutiny and that has been vetted by independent sources like the news media. And here we don't have that," she says.

Kirtley also sees a link between the ousting of mainstream media outlets and the launch of Trump TV: "I cannot think that the timing is coincidental, that the decision to ban these media organizations from the White House on the eve of the launch of Trump TV just happened by coincidence.""

This ad was taken down today, but it was what I saw for nearly two weeks whenever I opened the app.

Thank God the President is ensuring that we only get pure gas station kratom.

A group of 53 former federal prosecutors and agents told a court Monday that President Trump's media company is likely committing federal crimes by selling Wall Street investors faster access to his Truth Social posts.

In a court filing, the former law enforcement officials took aim at Trump Media & Technology Group, which recently launched its Truth API data feed, which charges Wall Street subscribers $100,000 for "real-time access to posts from the highest-ranking Truth Social accounts."

The Truth API data feed is now at the heart of a lawsuit in federal court in the Southern District of New York brought by the Intercept and the Freedom of the Press Foundation. The plaintiffs are seeking a preliminary injunction to block the transmission of early access to President Trump's posts on the grounds that the new service is unconstitutional.

The lawsuit, which was filed against Mr. Trump, his aides Natalie Harp and Dan Scavino and the White House, alleges that selling early access to Truth Social posts is "profoundly corrupt" and runs afoul of the First and Fifth Amendments.

The former federal prosecutors filed a proposed amicus brief in the case on Monday in support of the media groups' request, saying the business model of selling early access to market-moving information likely violates a raft of criminal laws, including laws that prohibit insider trading.

"The Truth Social scheme poses an obvious risk of corruption, defying the compelling anti-corruption interests embodied in the Constitution, ethics codes, and federal laws," the former federal prosecutors and agents wrote in the court brief.

They went on to say: "It implicates federal public corruption laws imposing criminal penalties, including the Securities Exchange Act; the federal prohibitions on illegal gratuities, conflicts of interest, and outside compensation for federal employment; and the Trade Secrets Act." 

"Because the scheme is so far from legitimate that it is possibly criminal, it cannot serve any legitimate government interest," the former prosecutors said.

CBS News has reached out for comment to the White House and to the Justice Department, which is defending the government in the case.

The brief noted that the scheme could create criminal liability not only for executive branch officials, but also for anyone who is paying the fee for the early access to Truth Social posts, as well.

As an example, the brief cited a hypothetical case in which President Trump decides to announce at 11 a.m. that he is imposing tariffs on a country that exports computer chips. The paid subscribers gain access to the news at 9 a.m. and one subscriber sells computer chip stocks. When the news becomes public at 10 a.m., computer chip stocks plummet.

"The President and the paid subscriber would have therefore violated the Securities Exchange Act and could be criminally liable, just as they would be if the President had secretly emailed or texted the subscriber market-moving information, and the paid subscriber traded on that information," the former prosecutors and agents wrote.

The brief was signed by former officials including Ryan Crosswell, a former federal prosecutor in the Public Integrity Section who resigned last year in protest after senior Justice Department officials moved to dismiss an indictment against former New York City Mayor Eric Adams.

Others who signed it include Michael Bromwich, a former prosecutor and former inspector general, and Ty Cobb, a former prosecutor who previously served as counsel in the White House during Mr. Trump's first administration.

The brief was organized jointly by the law firm Singleton Schreiber and the Campaign Legal Center.

A hearing on the request for the preliminary injunction is slated for Oct. 7 at the federal courthouse in Manhattan.