Trump Media drops Truth Social spinoff, keeps TAE merger



TL;DR

Trump Media dropped its planned Truth Social spinoff into a SPAC run by Trump family allies. The $6 billion fusion merger with TAE Technologies is still on track for Q4 2026.

Trump Media & Technology Group, TAE Technologies, and Texas Ventures Acquisition III have decided not to proceed with a planned spinoff of Truth Social and other media assets. The three companies said in a statement on Wednesday that Trump Media and TAE remain committed to closing their $6 billion merger in the fourth quarter of 2026 or sooner.

The spinoff discussions began in February, when the companies announced they were exploring a deal to place Truth Social into a new publicly traded entity that would merge with Texas Ventures Acquisition III, a blank-check firm. Texas Ventures is run by allies and business partners of the Trump family, including executives from the Trump Organisation.

What the spinoff would have done

The structure would have separated Truth Social from the combined Trump Media-TAE entity after the fusion merger closed. Shares of the spinoff company would have been distributed to Trump Media shareholders of record from before the TAE merger, and the new company would then have merged with Texas Ventures, a SPAC.

That plan is now off the table. The board of the combined company will instead evaluate “potential strategic alternatives” for Trump Media’s legacy media assets after the TAE merger closes.

The TAE merger

TAE Technologies is a California-based company developing aneutronic fusion power. It has built and operated five fusion reactors and raised more than $1.3 billion from investors including Google, Chevron, Goldman Sachs, and NEA.

The merger, announced in December 2025, values the combined entity at more than $6 billion in an all-stock transaction. The combined company plans to site and begin construction on its first utility-scale fusion power plant, a 50-megawatt facility, in 2026.

Trump Media’s financials

Trump Media is valued at approximately $1.3 billion according to the Bloomberg Billionaires Index. DJT shares were down less than 1% in premarket trading on Wednesday.

The company reported a $712 million net loss in 2025 and roughly $870,000 in revenue in the first quarter of 2026. Truth Social has an estimated 6.3 million monthly active users, a fraction of the audiences commanded by X, Instagram, or competing platforms.

The flags

President Donald Trump holds a 57.6% stake in Trump Media. Ethics experts have warned that the merger poses conflicts of interest, since Trump has direct oversight of government agencies, including the SEC and FCC, that regulate the company.

TAE Technologies has not commercialised fusion power and does not generate meaningful revenue from energy production. The $6 billion valuation is based on the promise of a technology that no company has yet delivered at commercial scale, and the combined entity’s near-term revenue base is negligible.

The abandoned spinoff raises questions about why the deal fell apart. No explanation was given beyond a reaffirmation of the TAE merger. The involvement of Trump family allies in the SPAC that would have absorbed Truth Social added a layer of conflict that ethics watchdogs had flagged.



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Recent Reviews


Ghost CMS flaw abused to push ClickFix attacks on hundreds of sites

Pierluigi Paganini
May 25, 2026

Threat actors are actively exploiting a security flaw, tracked as CVE-2026-26980, in Ghost CMS that was fixed months ago in real attacks against unpatched websites. According to Qianxin, the campaign has already affected more than 700 sites, including well-known organizations and universities.

The vulnerability is an SQL injection issue in Ghost’s Content API that can let an attacker read data from the database without logging in. In the worst case, this can expose the Admin API key, which can allow attackers to take over the site.

That key matters because it can be used to change published content. In this campaign, attackers used it to edit articles on compromised Ghost sites and insert malicious JavaScript at the end of pages. The goal was not just defacement, but to turn trusted websites into launch points for further malware delivery.

“After an in-depth investigation and analysis, we determined that this was not a targeted intrusion against the customer, but rather a large-scale poisoning campaign by an in-the-wild attack group targeting Ghost CMS. Although CVE-2026-26980 was publicly disclosed as early as February 19, a large number of users did not patch and upgrade in time, providing an opportunity for attackers.” reads the advisory published by Qianxin. “At least two groups are currently actively conducting such poisoning operations, and some sites have even become the target of competition between the two parties, with different malicious code being implanted one after another within a single day.”

The inserted code led visitors through a two-step chain. First, the page loaded a remote script that checked the browser and decided what the visitor should see. Then real victims were redirected to a fake verification page that looked like a normal “I’m human” check.

This is where the ClickFix part began. The page told users to press Windows+R, paste a command, and hit Enter. In practice, that command downloaded and started a malware payload on the victim’s machine. It was a classic social engineering trick: make the user do the dangerous part themselves.

Qianxin says the first signs of this activity appeared in early May. The malicious code found in the campaign had a compilation date of February 16, the same day Ghost announced the fix for CVE-2026-26980. That suggests the attackers moved quickly once they saw how many sites had not been updated.

The affected websites cover a wide range of sectors. Roughly half are personal blogs or independent sites, but the list also includes technology blogs, AI sites, media outlets, crypto projects, and educational institutions. Qianxin researchers say victims include sites linked to Harvard, Oxford, and DuckDuckGo.

The attack chain was also designed to be flexible. The loaders could fetch different payloads depending on the target, and the operators changed infrastructure several times.

“entire attack process has obvious five-stage characteristics of “CMS Takeover → Page Poisoning → Two-stage Loading → Social Engineering Lure (FakeCaptcha/ClickFix) → Malware Delivery”, and the entire process is highly automated: bulk vulnerability scanning → automatic key extraction → bulk injection → dynamic C2 distribution.” states the report.

In some cases, they switched domains after detection, keeping the campaign alive even when part of the chain was blocked.

“Through feature scanning of publicly accessible pages, we have cumulatively identified more than 700 poisoned victim domains, and have proactively contacted the sites for which contact information could be obtained, notifying them of the poisoning.” continues the report.

Qianxin also believes at least two different groups are involved. In some cases, the same site was hit more than once, with one attacker replacing the code left by another. That makes the campaign harder to clean up and shows how attractive compromised Ghost sites have become for abuse.

For site owners, the advice is straightforward. Ghost should be updated immediately, all credentials should be rotated, and site logs should be reviewed for suspicious admin API activity. Any injected scripts should be removed from the database itself, not just from the visual editor. Visitors who may have reached a poisoned site should also be warned.

The report includes Indicators of Compromise (IoCs) for the attacks observed by the researchers.

Follow me on Twitter: @securityaffairs and Facebook and Mastodon

Pierluigi Paganini

(SecurityAffairs – hacking, Ghost CMS)







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