TechFlow news, October 30 — Thanks to the recent surge in shares of Trump Media & Technology Group (TMTG), former U.S. President and Republican presidential candidate Donald Trump's social media platform Truth Social has surpassed X, the platform owned by the world’s richest man Elon Musk, in valuation, becoming more valuable than its biggest rival.
As of Tuesday, TMTG’s stock had surged 333% from its late-September lows, pushing the company’s valuation to $10.6 billion. Fidelity Investments’ latest valuation of X stands at just $9.4 billion. Fidelity regularly updates its valuation estimates for X due to its equity stake in the social media platform. Since Musk acquired X for $44 billion in October 2022, its value has dropped by 79%. Trump Media’s $10.6 billion valuation also exceeds that of The New York Times, which is valued at approximately $9.2 billion.
The surge in Trump Media & Technology Group’s valuation is said not to be based on fundamentals, but rather tied to Donald Trump’s increasing odds of winning the upcoming presidential election. (Cailian Press)
