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.
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 more than 12% to $53.30, 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.
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. Other companies TMTG is now bigger than include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the Monopoly game.