Trump Media & Technology Group, which operates the social media network Truth Social, now trumps the estimated value of Elon Musk's X as Election Day looms. Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings, which was taken private two years ago, is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company.
Truth Social's worth has soared in recent weeks as Nov. 5 nears. On Tuesday, the stock rose almost 9% to $34.17. Since its listing, Trump Media has been popular with traders who view it as a speculative bet on Trump winning the Nov. 5 election. He owns 57% of the company, making his stake now worth almost $4 billion. The upward trend of Trump's social media platform came after the stock had dropped roughly $12 last month. In the quarter ending in June, TMTG lost more than $16 million, while generating $837,000 in revenue.
While TMTG market valuation is now greater than the estimated value of X, Musk's platform remains a far bigger social network than Truth Social. According to Similarweb, X received 706.2m visits last month, while Truth Social received 13.5m. Musk has become one of Trump’s most ardent supporters in his re-election bid.
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