(The Epoch Times)—Former President Donald Trump’s Truth Social is worth more than Elon Musk’s X platform after a recent surge in the shares of its parent company.
Over the past month, Trump Media & Technology Group Corp, which trades as DJT, has surged by 220 percent, or about $35 per share. As of Wednesday, DJT is trading at around $51 per share.
The company is now valued at more than $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.
Since it went public in March, Trump’s company stock has been especially volatile, often depending on news updates related to the former president. When a jury convicted him on 34 counts of falsifying business records in New York on May 31, the company’s shares also saw a drop.
Meanwhile, in mid-September, the stock plunged to a low of about $12 per share, which put the company at a value of about $3 billion. But since then, it has posted steady gains on a daily basis.
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After the attempted assassination of Trump on July 13, the company’s stock jumped by more than 60 percent.
The recent surge in the company’s stock could be attributed to the proximity of the Nov. 5 election between Trump, the Republican presidential nominee, and his Democratic challenger, Vice President Kamala Harris.
Trump owns around 115 million shares of the company, according to filings with the Securities and Exchange Commission. With the stock surge, Trump’s net worth has also been on the upswing, according to Forbes magazine, and he’s now worth about $8 billion.
When Musk took over Twitter in October 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 that Trump Media is now bigger than include Caesars Entertainment, Match Group, Walgreens Boots Alliance, and Hasbro, the maker of the Monopoly game.
Musk has become one of Trump’s most prominent supporters in the former president’s bid to get reelected. Musk has committed more than $70 million to boost Trump and has recently held a number of town halls in support of the former president.
Trump launched Truth Social in 2022, months after his Twitter account was suspended by Twitter’s previous management before Musk took over and renamed the platform X. The former president often uses Truth Social to deliver updates on his campaign, provide endorsements to Republican candidates, and provide his commentary on his legal and civil court cases.
But in recent months, Trump has returned to X and is now heavily using the site to promote his campaign. Musk endorsed the former president in July and has been campaigning for him, namely in the battleground state of Pennsylvania.
Based in Sarasota, Florida, Trump Media has been losing money and struggling to raise revenue, according to filings with the Securities and Exchange Commission. It lost more than $16 million in the quarter ending June while generating only $837,000 in revenue, according to the filings.
The Associated Press contributed to this report.
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