Trump’s social media company is now worth more than Musk’s X after a recent surge in its stock price

NEW YORK – Donald Trump’s Truth Social is now worth more than Elon Musk’s X, thanks to a recent surge in shares of the parent company of the former president’s social media platform.

Trump Media & Technology Group is now valued at more than $10 billion after its stock has more than quadrupled since late September. X Holdings, meanwhile, is valued at about $9.4 billion, based on the most recent valuation investment group Fidelity assigned to its stake in the company formerly known as Twitter.

Shares of Trump Media, or TMTG, tend to move more on Trump’s re-election chances than on his own profit prospects, and investors have seen his chances of re-election improve recently. Shares rose nearly 9% to close at $51.51 on Tuesday, on top of a 21.6% gain on Monday. The stock moved so wildly that trading was halted several times throughout the morning. Shares fell to about $12 late last month.

Trump created TMTG after he was banned from Twitter and Facebook following the Capitol riot on January 6, 2021. He owns approximately 57% of the company, but does not participate in its management.

TMTG, based in Sarasota, Florida, is losing money and struggling to turn a profit. It lost more than $16 million in the quarter that ended in June while generating just $837,000 in revenue, according to regulatory filings.

When Musk took over Twitter in October 2022, the company was valued at around $44 billion. At the 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 now owns include Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, maker of the Monopoly game.

Musk has become one of Trump’s most prominent supporters in his re-election bid. Musk is the richest man in the world allocated more than 70 million dollars to support Trump and recently held a series of town halls in support of the former president.