Former President Donald Trump‘s social media company, Truth Social, has surged past Elon Musk‘s X (formerly Twitter) in market value.
What Are the Social Platforms Worth?
Trump Media & Technology Group (TMTG), Truth Social’s parent company, now holds a valuation of just over $10 billion, after its shares more than quadrupled since late September. This valuation leap moves it above X Holdings, which Fidelity most recently valued at $9.4 billion.
The uptick in TMTG’s stock price appears to correlate less with business performance and more with Trump’s political prospects. As the GOP presidential nominee remains in a close race against Vice President Kamala Harris, the Democratic presidential nominee, investors have taken a keen interest in the company.
On Tuesday, TMTG shares rose 9 percent to close at $51.51, following a 21.6 percent gain the day before. Trading was so intense that it triggered multiple halts, a stark contrast to the stock’s low of approximately $12 just last month.