NEW YORK – Donald Trump's Truth Social is now worth more than Elon Musk's X, thanks to a recent run-up in the shares of the parent company of the former president's social media platform.
Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company formerly known as Twitter.
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The stock of Trump Media, or TMTG, tends to move more with Trump’s re-election odds than on its own profit prospects and investors have seen his chances of retaking the presidency improving of late. On Tuesday, the stock rose almost 9% to close at $51.51, on top of a 21.6% gain Monday. The stock was moving so sharply that trading was briefly halted several times during the morning. The stock had dropped to roughly $12 late last month.
Trump created TMTG after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. He owns about 57% of the company but has no role in running it.
Based in Sarasota, Florida, TMTG has been losing money and struggling to raise revenue. It lost more than $16 million in the quarter ending in June while generating only $837,000 in revenue, according to regulatory filings.
When Musk took over Twitter in October of 2022, the company was valued at around $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, Fidelity’s Blue Chip Growth fund said its stake in X Holdings was worth about $4.2 million.
Other companies TMTG is now bigger than include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the Monopoly game.
Musk has become one of Trump's most prominent supporters in his bid to get re-elected. The world’s richest man, Musk has committed more than $70 million to boost Trump and has recently held a number of town halls in support of the former president.