Trump's social media platform Truth Social has surpassed Musk's X platform in terms of its latest valuation

Odaily News Thanks to the recent surge in the share price of Trump Media Technology Group (TMTG), the latest valuation of Truth Social, a social media platform created by former US President and Republican presidential candidate Trump, has surpassed its biggest competitor, the X platform owned by Musk, the world's richest man. As of Tuesday, the share price of Trump Media Technology Group, the parent company of Truth Social, has soared 333% from its low point at the end of September, with a valuation of $10.6 billion. Fidelity Investment's latest valuation of X is only $9.4 billion. Fidelity regularly updates its valuation expectations for the social media platform because of its holdings in X. Since Musk acquired X for a high price of $44 billion in October 2022, the platform's valuation has fallen by 79%. Trump Media's valuation of $10.6 billion also makes it more valuable than The New York Times, which is valued at about $9.2 billion. It is reported that the surge in the valuation of Trump Media Technology Group is not based on fundamentals, but is related to Trump's chances of winning the presidential election. (Cailian Press)