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President Donald Trump’s Truth Social media company is now more valuable than Elon Musk’s X platform, becoming one of the most valuable social media companies in America.
Trump Media & Technology Group (TMTG) is currently valued at over $10 billion, quadrupling its shares since September. Musk’s X Holding stands at $9.4 billion, according to Fidelity.
TMTG rose by almost 9 percent on Tuesday, ending at $51.51 for the day. The increase was in addition to a 21 percent jump on Monday.
The stock’s soaring growth ahead of Election Day led to multiple pauses early Tuesday, according to the Associated Press. In comparison, TMTG hit a low of $12 last month before trending upward in recent weeks.
Trump has no role in running TMTG but founded Truth Social after he was banned on Twitter (now X) and Meta (Facebook and Instagram) after the events of Jan. 6, 2021. He owns approximately 57 percent of the company.
The new $10 billion-level status puts TMTG above some of America’s top corporations, including Caesars Entertainment, Walgreens and Hasbro. The new high also places Truth Social above the New York Times, currently at $9.25 billion.
TMTG has continued to expand its offerings in recent weeks. It most recently announced Truth+ streaming on Amazon Fire TV devices after successfully launching on Google’s app store and Apple iOS devices.
“It’s the latest addition to our fast-moving expansion of Truth Social as a beachhead for free speech on the Internet and a central hub for news, entertainment, and discussion,” CEO Devin Nunes said in a statement.
The efforts are part of TMTG’s mission to “end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.”
Despite passing Musk on the stock market, Musk and Trump have become allies in recent months. Musk became an active supporter of the 45th president’s campaign after the July 13 assassination attempt against him.
Musk has since become one of the GOP’s top donors, along with hitting the campaign trail with Trump. He appeared at both Trump’s return to Butler rally on Oct. 5 and his recent rally in New York’s Madison Square Garden.
The stock market change has not changed Musk’s status as the world’s richest man. He ranked ahead of Jeff Bezos and Larry Ellison in the latest list as he continues to also lead SpaceX and electric vehicle company Tesla, among other businesses.