by ‘Varney & Co.’ host Stuart Varney reacts to Tesla CEO Elon Musk offering a million-dollar daily salary to a voter who signs his America PAC petition.
Trump Media & Technology Group, which operates the social media network Truth Social, now exceeds the estimated value of Elon Musk’s X as Election Day approaches.
Trump Media & Technology Group (TMTG) is now valued at more than $10 billion after its shares more than quadrupled since late September.
Meanwhile, X Holdings, which was shuttered two years ago, is valued at around $9.4 billion, based on the most recent value investment group Fidelity placed on its stake in the company.
TRUMP’S SOCIAL TRUTH LOST $58 MILLION IN 2023, AND THE STOCK IS TAKING A HIT
Donald Trump’s Truth Social is now worth more than Elon Musk’s X, thanks to a recent surge in shares of the parent company of the former president’s social media platform. (Anna Barclay/Getty Images/Getty Images)
Truth Social’s value has skyrocketed in recent weeks as November 5 approaches. On Tuesday, the stock rose nearly 9% to $34.17.
TRUMP MEDIA SHARES INCREASE IN MARKET DEBUT
Since its listing, Trump Media has been popular with traders who see it as a speculative bet on Trump winning the November 5 election. He owns 57% of the company, which now brings his stake to almost $4 billion.
A shared image of Tesla CEO Elon Musk and former President Trump. (Getty Images/Getty Images)
The upward trend of Trump’s social media platform came after the stock fell about $12 last month.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP CORP. | 51.51 | +4.15 |
+8.76% |
In the quarter ended in June, TMTG lost more than $16 million, while generating $837,000 in revenue.
DEVIN NUNES: TRUTH SOCIAL IS NOW A “REAL START-UP” AND GIVES PEOPLE FREE SPEAK
Even though TMTG’s market valuation is now higher than X’s estimated value, Musk’s platform remains a much larger social network than Truth Social.
According to Similarweb, 706.2 million visits last month, while Truth Social received 13.5m.
Tesla CEO Elon Musk supports Republican presidential candidate former President Trump during a campaign rally at the Butler Farm Show in Butler, Pennsylvania, on October 5. (Kevin Dietsch/Getty Images/Getty Images)
Musk has become one of Trump’s most ardent supporters in his re-election campaign.
Musk officially endorsed Trump over the summer, when the 45th president survived the first assassination attempt of his life this election cycle, and has since joined the campaign trail in the key battleground state of Pennsylvania to rally support and encourage people to vote.
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In addition to making appearances at rallies and leading town halls in support of Trump, Musk has contributed more than $70 million to the campaign.
Reuters contributed to this report.
