Trump Media & Technology Group's stock has more than quadrupled since late September and is now valued at more than $10 billion.
Meanwhile, X Holdings is valued at about $9.4 billion, based on the latest value assigned to shares in the company formerly known as Twitter by investment group Fidelity.
Trump Media (TMTG) stock prices tend to move more in line with Trump's re-election chances than with the company's earnings outlook, and investors have recently been betting on Trump's chances of regaining the presidency. I'm looking at it.
On Tuesday, shares rose about 9% to close at $51.51, on top of Monday's 22% rise. Stock prices were so volatile that trading was suspended several times in the morning. At the end of last month, the stock had fallen to about $12.
Trump founded TMTG after being banned from Twitter and Facebook following the January 6, 2021, Capitol riot. He owns about 57% of the company but plays no role in its management.
TMTG, based in Sarasota, Fla., has been losing money and struggling to turn a profit. that It lost more than $16 million in the quarter that ended in June. Revenue was just $837,000, according to regulatory filings.
When Musk took over Twitter in October 2022, the company was valued at about $44 billion. At the time, Fidelity Investments valued its stock at $19.7 million. In a recent regulatory filing, Fidelity's Blue Chip Growth Fund said the value of its X Holdings shares was approximately $4.2 million.
TMTG is now a bigger company than 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 as he seeks re-election. Mr. Musk is the richest man in the world. Committed over $70 million In an effort to boost Trump, he has recently held a number of town halls in support of the former president.
