Donald Trump’s social media platform, Truth Social, recently surpassed Elon Musk’s X (formerly Twitter) in market value, with Trump Media & Technology Group (TMTG) now worth over $10 billion. This valuation increase follows a significant stock rally since late September. By comparison, Fidelity recently valued X Holdings at approximately $9.4 billion.
The stock price of TMTG surged by over 12% on Tuesday, building on Monday’s 21.6% gain, with shares reaching $53.30. Trading even paused several times due to sharp price swings, having previously dipped to around $12 in September. Market analysts suggest that TMTG’s stock movements correlate closely with Trump’s re-election prospects rather than profitability indicators.
Truth Social and TMTG Financials
Founded by Trump after being banned from Twitter and Facebook post-January 6, 2021, TMTG has struggled financially, reporting a $16 million loss in the latest quarter, alongside modest revenue generation of $837,000. Although Trump owns a 57% stake, he holds no active management role within TMTG, headquartered in Sarasota, Florida.
Comparing Valuations: X’s Decline Under Musk’s Ownership
Musk acquired Twitter in October 2022 at a valuation of $44 billion, though X Holdings’ current value has dwindled, with Fidelity’s Blue Chip Growth fund estimating its worth around $4.2 million. As Truth Social gains traction, TMTG now surpasses companies like Caesars Entertainment, Match Group, Walgreens Boots Alliance, and Hasbro.
Trump and Musk’s Relationship
Musk, a vocal supporter of Trump’s re-election campaign, has reportedly committed over $70 million to support Trump’s efforts, holding several town halls in his favor.
FAQs
Q1. What is Donald Trump’s social media platform called?
A1. Trump’s social media platform is called “Truth Social.”
Q2. Who owns X?
A2. Elon Musk owns X, formerly known as Twitter.
