NEW YORK (AP) – Donald Trump’s Truth Social is now worth more than Elon Musk’s X due to a recent surge in the stock price of the parent company of Trump’s social media platform, Trump Media & Technology Group. TMTG is now valued at over $10 billion after its shares quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion based on Fidelity’s stake valuation. Trump Media stock tends to move with Trump’s re-election odds rather than profit prospects. Investors see his chances of retaking the presidency improving. On Tuesday, the stock rose almost 9% to close at $51.51, on top of a 21.6% gain on Monday. The stock’s sharp movement led to several brief trading halts during the morning.
Donald Trump’s social media company, TMTG, has recently seen a significant surge in its stock price, now valuing it higher than Elon Musk’s X Holdings. The stock, which had previously dropped to around $12 late last month, has experienced a remarkable recovery.
Trump founded TMTG after his ban 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. Despite being based in Sarasota, Florida, and facing financial challenges, including a loss of over $16 million in the quarter ending in June with only $837,000 in revenue, TMTG’s market value has surpassed that of X Holdings.
Musk has emerged as one of Trump’s most prominent supporters in his bid for re-election. The world’s richest man, Musk, has dedicated more than $70 million to boost Trump and has recently organized a number of town halls in support of the former president.
