Trump Media & Technology Group Corp. (Nasdaq; NYSE Texas: DJT) is doing what it does best: turning the stock ticker into a mood ring.
As of Dec. 23, 2025, DJT was trading around the mid-$14 range after a whiplash week sparked by the company’s surprise plan to merge with TAE Technologies, a private nuclear fusion firm, in a deal valued at more than $6 billion. [1]
The market’s reaction has been anything but subtle. After a massive surge last Thursday and a follow-on pop Friday, DJT fell sharply on Monday, and Tuesday’s action has been more of a jittery “pause-and-breathe” than a clean trend. [2]
Below is a full roundup of the current news, filings, forecasts, and analyst-style takes circulating on Dec. 23, 2025—and the specific catalysts investors appear to be pricing (or panic-pricing) right now.
DJT stock price action on Dec. 23, 2025: from “fusion frenzy” to digestion
DJT’s move this week is easiest to understand as a three-act play:
- Act 1 (Thursday, Dec. 18): Shares surged after Trump Media announced a definitive merger agreement with TAE Technologies—one of the most unexpected pivots by any public company in recent memory. Commentary tracking the session pegged the move at roughly +42% with extremely elevated volume. [3]
- Act 2 (Friday, Dec. 19): The rally extended (reported around +8% in some market recaps), keeping the “new narrative” alive into the weekend. [4]
- Act 3 (Monday, Dec. 22 → Tuesday, Dec. 23): The stock sold off hard Monday (roughly -10% cited in multiple reports), and Tuesday has been choppy as traders reassess how much of the fusion storyline is near-term substance versus long-term optionality. [5]
By Tuesday, the share price hovering around $14–$15 put DJT back into a familiar zone: a stock that can swing dramatically even when there’s no traditional earnings catalyst in sight. [6]
The biggest DJT catalyst right now: the $6B Trump Media–TAE Technologies nuclear fusion merger
What Trump Media and TAE announced
On Dec. 18, Trump Media and TAE Technologies said they signed a definitive agreement to combine in an all-stock transaction valued at more than $6 billion. After closing, shareholders of each company are expected to own ~50% of the combined entity on a fully diluted basis. [7]
The company is pitching the merger as a leap into the energy arms race driven by AI-era electricity demand—essentially turning Trump Media into a hybrid: media + fintech + fusion-energy platform under one roof. [8]
What the combined company would own
Per the merger announcement materials, Trump Media would become the holding company for:
- Truth Social
- Truth+
- Truth.Fi
- TAE Technologies
- TAE Power Solutions
- TAE Life Sciences [9]
That list matters because it signals the market isn’t just repricing “Truth Social growth.” It’s repricing a conglomerate-style story with fusion energy as the headline act.
Key deal terms investors are actually trading
1) Cash funding commitment: up to $300 million
One of the cleanest “hard” numbers in this story is the funding pipeline.
Trump Media disclosed a structure under which it agreed to provide up to $200 million in cash to TAE at signing, with an additional $100 million available tied to the initial Form S‑4 filing process. [10]
In the company’s SEC filing, this $200 million is reflected through an unsecured convertible promissory note mechanism with timing language tied to business days and the S‑4 filing. [11]
2) Timeline: “mid-2026” target, but a 2026 outside date is written into the agreement
The press release frames closing as mid‑2026, subject to shareholder and regulatory approvals. [12]
The merger agreement itself includes an “End Date” concept: if the merger hasn’t closed by Dec. 18, 2026, the agreement can be terminated under specified conditions. [13]
That matters for DJT traders because this stock doesn’t just trade on what happens—it trades on when the market thinks a headline might hit.
3) Governance: co-CEOs and a 9-member board
The companies disclosed that Trump Media CEO Devin Nunes and TAE CEO Dr. Michl Binderbauer are expected to serve as co‑CEOs, and the combined company would have a nine‑member board with designated seats plus independent directors. [14]
4) Trump’s stake and voting support: the “deal support” structure
A Schedule 13D/A filing tied to the Trump Revocable Trust lays out that the Trust beneficially owns 114,750,000 shares—about 41.5% of the class (based on shares outstanding reported as of mid-December). It also describes a Voting and Support Agreement to vote in favor of proposals related to issuing stock for the merger and adopting a charter amendment, along with transfer restrictions during the agreement period. [15]
Separately, Reuters has reported that the 50/50 structure would reduce President Trump’s ownership from roughly ~40% to ~20% after closing (depending on final dilution and fully diluted math).
Fusion reality check: why the market is excited, and why skeptics are loud
What TAE says it has built—and what it’s targeting next
TAE says it has built and safely operated five fusion reactors, has raised more than $1.3 billion in private capital from backers including Google and Chevron, and employs 400+ people, including dozens of PhDs, with a large patent portfolio. [16]
The companies say the first planned “utility-scale” fusion plant would be 50 MWe, with subsequent plants planned in the 350–500 MWe range—subject to required approvals. [17]
The timeline traders keep circling: 2031
The investor presentation materials explicitly reference targeting fusion-generated electricity in 2031 (framed as a commercialization pathway). [18]
That’s the core tension:
- The stock moves in hours.
- The technology moves in years (or decades).
So a lot of today’s debate boils down to whether DJT is being priced as:
- a long-dated call option on a fusion breakthrough, or
- a hype premium that fades as funding needs and timelines get real.
That skepticism shows up prominently in market commentary emphasizing long development cycles, escalating costs, and uncertain profitability in fusion—especially for a company whose legacy business is a niche social platform still working through monetization. [19]
Trump Media fundamentals: the “old DJT” story still matters
Even with a fusion merger on the table, DJT is still (today) the parent of Truth Social and its related brands, and its financial profile remains a key part of the debate.
Losses and limited revenue
Recent reporting highlighted that Trump Media posted Q3 revenue under $1 million and a net loss of $54.8 million, underscoring the disconnect between DJT’s market value and its operating scale. [20]
Balance sheet as the strategic “weapon”
At the same time, Trump Media’s merger materials claim the company has built a sizable pool of financial assets—stating $3.1 billion in “total financial assets” as of Q3 2025 (including cash, investments, and digital assets). [21]
In other words: bulls point to capital access; bears point to operating fundamentals.
A second volatility engine on Dec. 23: the Bitcoin rumor—and Trump Media’s denial
While fusion has dominated headlines, DJT also caught a fresh crypto-driven jolt on Dec. 23.
Benzinga reported that on-chain analytics data appeared to show a wallet linked to Trump Media acquiring roughly 451 BTC (~$40.3 million), but that the company told Benzinga it did not make any new BTC purchases, without explaining the on-chain activity. [22]
This matters for DJT stock for two reasons:
- It reinforces that DJT can trade like a “narrative asset,” reacting to rumors and social amplification.
- It keeps investors focused on the company’s digital-asset exposure, which Trump Media itself flags as a risk factor in forward-looking disclosures related to the merger. [23]
DJT forecasts and “price predictions” circulating on Dec. 23, 2025: what they say—and how to read them
Here’s where things get weird (because the internet is a haunted carnival of numbers).
1) Traditional Wall Street coverage appears limited
Some commentary notes a lack of broad Wall Street analyst coverage for DJT, which is unusual for a stock that frequently sits in the public spotlight. [24]
2) MarketBeat: “Sell” rating and a $0.00 “price target” artifact
MarketBeat lists a consensus “Sell” based on a very small analyst sample and shows a $0.00 price target, which can occur on data platforms when coverage is sparse, stale, or not populated the way it is for widely-covered large caps. [25]
3) Trefis (Dec. 23): bearish scenario down to $10
A Trefis analysis published today argued DJT could slide toward $10, citing weak operating performance, financial condition concerns, and valuation risk. [26]
4) TipRanks (Dec. 23): “fusion frenzy” cools; long-duration risk framing
TipRanks’ take today framed DJT as a bundle of “binary risks,” arguing the post-merger excitement is colliding with the reality that fusion is a long-duration capital story and that crypto exposure adds another layer of volatility. [27]
5) Algorithmic forecasts: StockInvest and CoinCodex ranges (not analyst research)
If you’re seeing lots of “DJT stock prediction” headlines today, many are model-driven rather than analyst notes.
- StockInvest displayed a “predicted fair opening price” for Dec. 23, 2025 of $15.17 (methodology varies by site and should be treated as an estimate, not a forecast from management or Wall Street research). [28]
- CoinCodex posted a 2025 band in the mid-teens (and also publishes longer-range numbers), which again reflects an algorithmic model rather than a human analyst’s thesis. [29]
How to interpret these: when a stock is driven by discrete catalysts (a merger vote, an S‑4 filing, regulatory feedback, a plant siting announcement), models that primarily extrapolate recent price behavior can look precise while being fragile.
What DJT investors are watching next: the real “catalyst calendar”
If DJT is going to keep trading like a live wire, the next sparks are fairly clear:
- Form S‑4 filing and SEC process
The company has said it intends to file a registration statement on Form S‑4, which will eventually include the proxy/prospectus materials. [30] - Shareholder votes and governance approvals
The deal requires shareholder approval and related corporate actions (including a charter amendment), and the Trust’s support agreement is designed to back those proposals. [31] - Fusion project specifics: siting, approvals, capex detail
The companies have talked about beginning siting and construction steps in 2026, but investors will likely demand sharper detail: where, permitting path, grid interconnect, offtake discussions, and total capital needs. [32] - Updates on Trump Media’s core business: users, monetization, losses
Fusion may be the headline, but DJT still has to answer for its underlying operating results and path to sustainable revenue. [33] - Crypto narrative risk
Even rumors—like the alleged BTC wallet activity that the company denied—can move this stock. Expect more volatility if digital-asset exposure becomes a bigger part of the story again. [34]
Bottom line on DJT stock on Dec. 23, 2025
DJT is currently priced like a thesis in motion:
- A legacy media/social platform with ongoing losses and limited revenue scale,
- A balance sheet the company says is large enough to fund ambitious pivots, and
- A proposed merger that would turn it into a rare public-market proxy for nuclear fusion commercialization, with 2031 floated as a meaningful timeline marker. [35]
The stock’s behavior—big surges, fast pullbacks, heavy sensitivity to headlines—suggests many participants are trading the probability-weighted newsflow rather than underwriting a stable long-term cash-flow model. [36]
References
1. www.sec.gov, 2. www.barrons.com, 3. www.nasdaq.com, 4. www.barrons.com, 5. www.barrons.com, 6. www.barrons.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.streetinsider.com, 16. www.sec.gov, 17. www.sec.gov, 18. www.sec.gov, 19. www.barrons.com, 20. www.reuters.com, 21. www.sec.gov, 22. www.benzinga.com, 23. www.benzinga.com, 24. www.barrons.com, 25. www.marketbeat.com, 26. www.trefis.com, 27. www.tipranks.com, 28. stockinvest.us, 29. coincodex.com, 30. www.sec.gov, 31. www.streetinsider.com, 32. www.sec.gov, 33. www.reuters.com, 34. www.benzinga.com, 35. www.reuters.com, 36. www.barrons.com
