Truth Social’s parent is now worth more than $10 billion, while X Holdings is valued at $9.4 billion.
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 Oct. 30, DJT was trading at about $51 per share.
The company is now valued at more than $10 billion after its shares more than quadrupled since late September.
The privately held X Holdings is valued at about $9.4 billion, based on the most recent value investment group Fidelity assigned to its stake in the company that was formerly known as Twitter.
Since it went public in March, the stock price of Trump’s majority-owned company has been especially volatile, often responding to media reports 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 saw a drop.
In 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.
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 the social media platform X, then named Twitter, in October 2022, the company was valued at about $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 stated that its stake in X Holdings was worth about $4.2 million.
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