Trump Media parent Truth Social is now worth more than Musk’s X

Trump Media & Technology Group is now valued at more than $10 billion after its stock more than quadrupled since late September.

Meanwhile, X Holdings is valued at approximately $9.4 billionbased on the most recent value investment group Fidelity assigned to its stake in the company formerly known as Twitter.

Trump Media stock, or TMTG, tends to move higher with Trump’s re-election ratings than on his own profit prospects, and investors have seen his chances of resuming the presidency improving of late.

On Tuesday, shares rose nearly 9% to close at $51.51, over a 22% I earn on Monday. The stock was moving so strongly that trading was briefly halted several times during the morning. The stock is down to about $12 late last month.

Trump created TMTG after being banned from Twitter and Facebook following the January 6, 2021 riot at the Capitol. He owns about 57% of the company but has no role in its management.

Based in Sarasota, Fla., TMTG lost money and struggled to generate revenue. It lost more than $16 million in the quarter that ended in June while generating just $837,000 in revenue, according to regulatory filings.

When Musk took over Twitter in October 2022, the company was valued at approximately $44 billion. At the time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, the Fidelity Blue Chip Growth fund said its stake in X Holdings is worth about $4.2 million.

Other companies TMTG is now larger than include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, maker of the Monopoly game.

Musk became one of the Trump’s top supporters in his attempt to be re-elected. Musk has the richest man in the world has committed more than 70 million dollars to boost Trump and recently held a series of town halls in support of the former president.