Truth Social's parent company, Trump Media, is now more valuable than Elon Musk's X as Election Day approaches
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Trump Media and Technology Group, which operates the social media network Truth Social, now surpasses the estimated value of Elon Musk's X as of Election Day.
Trump Media and Technology Group (TMTG) is now worth more than $10 billion and its shares have quadrupled since the end of September.
Meanwhile, X Holdings, which was taken private two years ago, is worth about $9.4 billion, based on the most recent valuation for its stake in investment group Fidelity Co.
Trump's True Social has lost $58 million in 2023, and the stock is taking a hit
Donald Trump's Truth Social is now worth more than Elon Musk's X, thanks to a recent run-up in shares of the parent company of the former president's social media platform. (Anna Barclay/Getty Images/Getty Images)
Truth Social's value has risen in recent weeks as November 5 approaches On Tuesday, the stock rose nearly 9% to $34.17.
Trump media stock market debut increase
Since the listing, Trump has become popular with media traders who see it as a speculative bet that Trump will win the Nov. 5 election. He owns 57% of the company, his shares are now worth about $4 billion.
A split image of Tesla CEO Elon Musk and former President Trump. (Getty Images / Getty Images)
The upward trend on Trump's social media platform came after the stock fell nearly $12 last month.
| vaccine | safety | the end | change | change % |
|---|---|---|---|---|
| DJT | Trump Media and Technology Group Corp | 51.51 | +4.15 |
+8.76% |
In the quarter ending in June, TMTG lost more than $16 million, while generating $837,000 in revenue.
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Although TMTG's market value is now higher than X's estimated value, Musk's platform remains a much larger social network than Truth Social.
According to Similarweb, X got Last month, Truth Social received 706.2m visits 13.5 m.
Tesla CEO Elon Musk supports Republican presidential nominee former President Trump during a campaign rally at the Butler Farm Show Fairgrounds in Butler, Pa., Oct. 5. (Kevin Dyche/Getty Images/Getty Images)
Musk has become one of Trump's staunchest supporters in his re-election bid.
Musk formally endorsed Trump over the summer, when the 45th president survived the first assassination attempt on his life this election cycle, and has since joined the campaign trail in the key battleground state of Pennsylvania to support and encourage people to vote.
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In addition to attending rallies and leading town halls in support of Trump, Musk has contributed more than $70 million to the campaign.
Reuters contributed to this report.
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