American economist Peter Schiff has criticised Trump Media & Technology Group (NASDAQ: DJT), arguing that the company lacks any meaningful intrinsic value beyond its association with President Donald Trump.
The remarks come as DJT draws renewed attention following its latest strategic shift, a proposed merger with fusion energy firm TAE Technologies.
According to Schiff’s assessment, DJT’s evolution points to the absence of a coherent underlying business model, as outlined in an X post on December 18.
The company initially launched as a social media platform centred on Truth Social, positioning itself as an alternative to mainstream networks. As growth stalled and monetisation challenges persisted, DJT broadened its ambitions, rebranding as a financial technology and cryptocurrency-focused entity with plans to hold Bitcoin as a core treasury asset.
“DJT, a company owned by Donald Trump, has little intrinsic value beyond its connection to the President. It began as a social media company, pivoted into a Bitcoin treasury company, and is now merging with a fusion energy company. The constant reinvention makes clear that the business itself is not the point,” he said
According to the economist, the latest pivot into advanced energy through a multibillion-dollar fusion merger represents yet another dramatic reinvention.
Schiff’s critique centres on the idea that these strategic shifts are not driven by operational synergies or proven cash-flow potential, but by the perceived political capital attached to the Trump brand.
From this perspective, DJT’s primary asset is not technology, media reach, or energy expertise, but proximity to political power. The merger with a capital-intensive, heavily regulated fusion energy firm highlights the view that access to influence and expectations of favourable treatment may outweigh the value of the underlying businesses.
“The only real value DJT offers an energy company is political leverage: access to power and the prospect of favorable treatment from the Trump administration,” he added.
The proposed all-stock merger with TAE Technologies values the combined entity at more than $6 billion. It would effectively transform DJT into one of the few publicly listed companies tied to nuclear fusion research.
Management has framed the deal as a long-term bet on clean energy and rising power demand from data centres and artificial intelligence infrastructure.
Plans outlined by the companies include early-stage construction of a utility-scale fusion facility later in the decade, although commercial viability remains uncertain.
Market reaction to the fusion announcement has been volatile, with DJT shares experiencing sharp gains following the news. At the close of Friday’s session, DJT was trading at $16.09, ending the day up more than 8%. Over the past five days, the stock has rallied by over 50%.
The deal may be viewed as a welcome opportunity for investors, considering DJT has struggled for much of the year, with the stock down more than 50% year to date.
