Trump Media & Technology Group, which operates the Truth Social social-media network, has seen its stock shoot up the weeks leading up to the No

Trump Media Is Now Worth Almost as Much as Elon Musk’s X With Stock Rallying to New Highs

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2024-10-28 17:00:05

Trump Media & Technology Group, which operates the Truth Social social-media network, has seen its stock shoot up the weeks leading up to the Nov. 5 presidential election — and it is currently worth almost as much as Elon Musk‘s X, the social-media company formerly known as Twitter.

On Monday, shares of TMTG, which trade under the symbol “DJT,” were up 17% to $45.58/share as of 11:15 a.m. ET, following Trump’s Sunday rally at New York City’s Madison Square Garden. That gives TMTG, which has reported total revenue of $1.6 million for the first half of 2024 and steep losses, a market cap of about $9.1 billion.

Musk, who acquired Twitter in 2022 in a $44 billion deal, has seen the value of the company — which he renamed X — decline significantly since his takeover. A disclosure last month by Fidelity, which owns a minority stake in X, implied that the company is valued at $9.4 billion, as reported by Forbes. Related Stories VIP+ Disney’s App Store Play Is Another Strategic Blow for Apple Netflix Forecasts 2025 Revenue to Be at Least $43 Billion, up 11%+

Trump beneficially owns 56.6% of TMTG’s outstanding shares, making his stake currently worth north of $5 billion. Popular on Variety