Trump Media and Technology and TAE Technologies said on Wednesday they have decided to not spin off ‌Truth Social and certain ​other TMTG media assets into a new publicly listed ⁠company.

Founded by President ​Donald Trump and known for its Truth ⁠Social platform aimed at conservative audiences, TMTG has faced challenges scaling its ‌media business amid competition from ​larger social ‌networks and uneven user growth.

The companies ‌did not provide a reason for walking back the idea of ⁠a Truth Social ‌spin ⁠off.

TMTG said it remains focused on ⁠completing ⁠its merger with TAE and targets closing the ‌deal in the fourth quarter of this year or sooner.

Shares of ‌TMTG ​were down ‌around 1% in premarket trading after falling over 38% so ​far this year.

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