The Truth Social social network owned by Donald Trump is now valued at more than Elon Musk's X. Shares of Trump Media & Technology Group have quadrupled since September, reaching a valuation of $10 billion.
Truth Social, which belongs to US presidential candidate Donald Trump, is worth more than social network X, which was acquired by Elon Musk. This is reported by Associated Press, UNN.
Details
It is noted that Trump Media & Technology Group is valued at more than $10 billion after its shares more than quadrupled since the end of September.
Meanwhile, X Holdings is valued at about $9.4 billion, based on the latest value that Fidelity Investment Group assigned to its stake in the company formerly known as Twitter.
As you know, Trump created TMTG after he was banned from Twitter and Facebook following the January 6, 2021, riot at the Capitol. He owns approximately 57% of the company but does not participate in its management.
The publication also notes that when Musk took over Twitter in October 2022, the company was valued at about $44 billion. At the time, Fidelity Investments estimated its stake at $19.7 million.
In a recent regulatory filing, Fidelity's Blue Chip Growth fund stated that its stake in X Holdings is worth about $4.2 million.
Addendum
It is noted that Trump Media, or TMTG, stock quotes tend to fluctuate more depending on Trump's chances of re-election. Apparently investors have noticed that his chances of winning the presidency have improved recently.
On Tuesday, the stock rose by almost 9% to close at $51.51, on top of Monday's 21.6% gain. The stock moved so sharply that trading was suspended several times during the morning.
Trump nabs additional $1.2 billion bonus from stockApril 24 2024, 07:08 AM • 16836 views