Trump’s social media company, Truth Social, has recently seen a massive rise in its value, surpassing the worth of X (formerly Twitter). Truth Social’s parent company, TMTG, has experienced a 333% increase in value since late September, reaching a valuation of $10.6 billion.
Meanwhile, Fidelity Investments, which holds shares in X, has updated its estimated value for X, putting it at $9.4 billion. This marks a huge decline from when Elon Musk bought X for $44 billion in October 2022, meaning the platform’s worth has dropped by about 79%.
With this new valuation, TMTG is now also worth more than The New York Times, valued at around $9.2 billion.
However, in TMTG’s latest financial filing with the U.S. Securities and Exchange Commission, it was revealed that the company generated only $1.6 million in revenue in the first half of 2024, while it reported a significant loss of $344 million.
Truth Social Surpasses X in Value: $10.6B vs. $9.4B Amid ‘Trump Trade’ Surge
I’m Abhishek Sharma, an Advocate based in Delhi, entrepreneur, investor, and founder of BigBreakingWire. I am an enrolled Advocate with a strong interest in entrepreneurship, media, and technology. I founded BigBreakingWire, a digital news platform covering breaking news, business, financial markets, companies, and important developments in India and around the world. I also have a software company and take an active interest in technology, software, AI, digital products, and new business ideas. As an investor, I’m interested in discovering and investing in promising businesses and startups. I look for good ideas, strong founders, practical business models, and opportunities with long-term potential. I enjoy building businesses, learning about new industries, and connecting with people who are working on interesting ideas and opportunities. Advocate | Entrepreneur | Investor | Founder & Editor-in-Chief, BigBreakingWire
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