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Former President Donald Trump’s social media venture Truth Social surged past Elon Musk’s X in market value, with Trump Media & Technology Group (TMTG) now topping $10 billion.
The unexpected leap places the former president’s company ahead of tech giant Musk’s X Holdings, which has been valued around $9.4 billion, according to Fidelity’s recent estimate of its stake.
The remarkable boost in TMTG’s stock value has been closely linked to Trump’s re-election odds rather than the company’s profit potential. Shares in Trump’s media company more than quadrupled in value since late September, sparking a nearly 13% increase on Tuesday alone, reaching $53.30. The stock rose over 21% on Monday after closing below $12 just last month.
Trump, who founded TMTG after facing bans from Twitter and Facebook in the wake of the January 6 Capitol riot, retains a 57% stake in the company. Despite its valuation surge, TMTG has faced persistent revenue challenges, with regulatory filings revealing a $16 million loss in the June quarter and only $837,000 in revenue.
Musk, meanwhile, has emerged as one of Trump’s influential backers, reportedly channeling over $70 million to support Trump’s campaign efforts and appearing at several rallies.
