Trump’s social media company Trump Media is worth more than Elon Musk’s X

Donald Trump’s Truth Social has surpassed Elon Musk’s X in value, thanks to a surge in shares of the parent company for the former president’s social media platform.
As reported by AP, Trump Media & Technology Group is now valued at over $10 billion, having seen its shares more than quadruple since late September.
In comparison, X Holdings is valued at approximately $9.4 billion, according to the latest assessment from the investment group Fidelity regarding its stake in the platform formerly known as Twitter.
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The stock of Trump Media, or TMTG, often fluctuates more in response to Trump’s re-election chances than its own profit outlook, and recent improvements in his prospects have boosted investor confidence. On Tuesday, the stock rose nearly 9% to close at $51.51, adding to a 21.6% gain from Monday. The trading was so volatile that it was briefly halted multiple times in the morning. Just last month, the stock had dropped to around $12, the report said.
Trump founded TMTG after being banned from Twitter and Facebook following the January 6, 2021, Capitol riot. He owns about 57% of the company but does not actively manage it.
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Based in Sarasota, Florida, TMTG has been facing financial challenges, struggling to generate revenue while incurring significant losses. In the quarter ending in June, the company lost over $16 million, with only $837,000 in revenue, according to regulatory filings, AP reported.
When Elon Musk acquired Twitter in October 2022, the company was valued at approximately $44 billion, with Fidelity Investments valuing its stake at $19.7 million. Recently, a regulatory filing revealed that Fidelity’s Blue Chip Growth fund now values its stake in X Holdings at about $4.2 million.
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TMTG has surpassed several companies in valuation, including Caesars Entertainment, Match Group, Walgreens Boots Alliance, and Hasbro, the maker of the Monopoly game.
Musk has emerged as one of Trump’s most notable supporters in his re-election campaign. The world’s richest man has pledged over $70 million to back Trump and has recently organized several town halls in support of the former president.
(With inputs from AP)