Donald Trump's Truth Social now worth more than Elon Musk's X
Donald Trump's Truth Social is now worth more than Elon Musk's X, thanks to a recent run-up in the shares of the parent company of the former president's social media platform.
Trump Media & Technology Group is now valued at over $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company formerly known as Twitter.
Do we think Trump will somehow use his social network some AI training or is he just caring about having a platform?
I am not sure how involved he personally is other than using it.
At a minimum, the company has to be selling its data. There is a ton of value there.
Ah okay thought he was the founder and owner of it.
I am sure he was...he founded his real estate companies but that is run by his kids. He has no part in the daily operation. I presume Trump media is the same.
Alright I see. I dont even know how large the platform actually is.
I have no idea. Never went to Trump's social media platform to be honest with you.
The stock of Trump Media, or TMTG, tends to move more with Trump’s re-election odds than on its own profit prospects and investors have seen his chances of retaking the presidency improving of late. On Tuesday, the stock rose more than 12% to $53.30, on top of a 21.6% gain Monday. The stock was moving so sharply that trading was briefly halted several times during the morning. The stock had dropped to roughly $12 late last month.
Trump created TMTG after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. He owns about 57% of the company but has no role in running it.
Based in Sarasota, Florida, TMTG has been losing money and struggling to raise revenue. It lost more than $16 million in the quarter ending in June while generating only $837,000 in revenue, according to regulatory filings.
When Musk took over Twitter in October of 2022, the company was valued at around $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 said its stake in X Holdings was worth about $4.2 million.
Other companies TMTG is now bigger than include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the Monopoly game.
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