Former President Donald Trump’s Truth Social is worth more than Elon Musk’s X platform after a recent surge in the shares of its parent company.
Over the past month, Trump Media & Technology Group Corp, which trades as DJT, has surged by 220 percent, or about $35 per share. As of Oct. 30, DJT was trading at about $51 per share.
The company is now valued at more than $10 billion after its shares more than quadrupled since late September.
The privately held X Holdings is valued at about $9.4 billion, based on the most recent value investment group Fidelity assigned to its stake in the company that was formerly known as Twitter.
In September, the stock plunged to a low of about $12 per share, which put the company at a value of about $3 billion. But since then, it has posted steady gains on a daily basis.
After the attempted assassination of Trump on July 13, the company’s stock jumped by more than 60 percent.
The recent surge in the company’s stock could be attributed to the proximity of the Nov. 5 election between Trump, the Republican presidential nominee, and his Democratic challenger, Vice President Kamala Harris.
When Musk took over the social media platform X, then named Twitter, in October 2022, the company was valued at about $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, Fidelity’s Blue Chip Growth fund stated that its stake in X Holdings was worth about $4.2 million.
Other companies that Trump Media is now bigger than include Caesars Entertainment, Match Group, Walgreens Boots Alliance, and Hasbro, the maker of the Monopoly game.
Musk has become one of Trump’s most prominent supporters in the former president’s bid to get reelected. Musk has committed more than $70 million to boost Trump and recently held a number of town halls in support of the former president.
Trump launched Truth Social in 2022, months after his Twitter account was suspended by Twitter’s previous management and before Musk took over and renamed the platform X. The former president often uses Truth Social to deliver updates on his campaign, provide endorsements to Republican candidates, and offer commentary on his legal and civil court cases.
But in recent months, Trump has returned to X and is now heavily using the site to promote his campaign. Musk endorsed the former president in July and has been campaigning for him, mainly in the battleground state of Pennsylvania.
Based in Sarasota, Florida, Trump Media has been losing money and struggling to raise revenue, according to filings with the Securities and Exchange Commission. It lost more than $16 million in the quarter that ended in June while generating only $837,000 in revenue, according to the filings.
