“Varney & Co.” host Stuart Varney reacts to Tesla CEO Elon Musk's offer of $1 million a day to voters who sign the America PAC petition.
Trump Media & Technology Group, which operates the social media network Truth Social, has surpassed the estimated value of Elon Musk's “X” as Election Day approaches.
Trump Media & Technology Group (TMTG) stock has more than quadrupled since late September and is now valued at more than $10 billion.
Meanwhile, X Holdings, which went private two years ago, is valued at about $9.4 billion, based on the latest value assigned to its stock by investment group Fidelity.
Trump's Truth Social loses $58 million in 2023 and stock price takes a big hit
Donald Trump's “Truth Social” is now worth more than Elon Musk's “X,” thanks to a recent surge in the stock price of the parent company of Donald Trump's social media platform. (Anna Barclay/Getty Images/Getty Images)
Truth Social's value has skyrocketed in recent weeks as November 5th approaches. Shares rose nearly 9% to $34.17 on Tuesday.
Trump Media stock soars on market debut
Since going public, Trump Media has been popular among traders who see it as a speculative bet that Trump will win the Nov. 5 election. He owns 57% of the company, meaning his stake is currently worth about $4 billion.
Tesla CEO Elon Musk and former President Trump. (Getty Images/Getty Images)
President Trump's social media platform's upward trend comes after its stock price fell by about $12 last month.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DJT | Trump Media & Technology Group Corporation | 35.55 | +1.21 |
+3.52% |
In the quarter that ended in June, TMTG lost more than $16 million on revenue of $837,000.
Devin Nunes: Truth Social is now a 'real startup' and giving people free speech
Although TMTG's market valuation now exceeds X's estimated value, Musk's platform is still a much larger social network than Truth Social.
According to similar webreceived X 706.2 million visits Last month, Truth Social 13.5m.
On October 5, Tesla CEO Elon Musk endorsed former Republican presidential candidate Trump at a campaign rally at the Butler Farm Show fairgrounds in Butler, Pennsylvania. (Kevin Dietsch/Getty Images/Getty Images)
Musk has become one of the world's most ardent Trump supporters. his re-election bid.
Musk formally endorsed Trump over the summer after the 45th president survived his first assassination attempt this election cycle, and has since campaigned in the key battleground state of Pennsylvania. They are gathering support and encouraging people to vote.
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Musk has attended rallies and town halls supporting Trump and donated more than $70 million to his campaign.
Reuters contributed to this report.
