Truth Social’s parent company Trump Media is now worth more than X as Election Day nears
‘Varney & Co.’ host Stuart Varney responds to Tesla CEO Elon Musk offering a daily $1 million payday to a voter who signs his America PAC petition.
The Trump Media & Technology Group, which operates the social media platform Truth Social, is now promoting a limited amount of Elon Musk’s X as Election Day approaches.
Trump Media & Technology Group (TMTG) is now worth more than $10 billion after its shares more than quadrupled since late September.
Meanwhile, X Holdings, which was taken private two years ago, is valued at about $9.4 billion, based on the latest value investment group Fidelity gave for its stake in the company.
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Donald Trump’s Truth Social is now worth more than Elon Musk’s X, thanks to a recent surge in shares of the former president’s social media parent company. (Photos by Anna Barclay/Getty Images)
Truth Social’s value has increased in recent weeks as November 5 approaches. On Tuesday, the stock rose nearly 9% to $34.17.
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Since its listing, Trump Media has been favored by traders who see it as a speculative bet on Trump winning the November 5 election. He owns 57% of the company, making his stake now worth $4 billion.
A separate photo of Tesla CEO Elon Musk and former President Trump. (Getty Images / Getty Images)
Trump’s social media boom comes after the stock dropped nearly $12 last month.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| DJT | Company TRUMP MEDIA & TECHNOLOGY GROUP CORP | 51.51 | +4,15 |
+8.76% |
In the quarter ending in June, TMTG lost more than $16 million, while generating $837,000 in revenue.
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Although TMTG’s market cap is now greater than the estimated value of X, Musk’s platform remains a much larger social network than Truth Social.
According to Similarweb, X found out 706.2m visits last month, and Truth Social was discovered 13.5 m.
Tesla CEO Elon Musk endorses Republican presidential nominee Trump during a campaign rally at the Butler Farm Show in Butler, Pa., Oct. 5. (Kevin Dietsch / Getty Images / Getty Images)
Musk has become one of Trump’s most ardent supporters in his re-election bid.
Musk formally endorsed Trump over the summer, when the 45-year-old president survived the first assassination attempt of his life this election cycle, and has joined the campaign in a key battleground state in Pennsylvania to rally support and encourage people to vote.
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Along with appearing at rallies and leading town halls in support of Trump, Musk has contributed more than $70 million to the campaign.
Reuters contributed to this report.
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