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- Trump Media's marketplace worth has eclipsed nan latest valuation of Elon Musk's X.
- X's valuation is difficult to measure arsenic it is simply a backstage company, but Fidelity's updates supply a clue.
- Trump Media's banal has surged contempt steep financial losses astatine nan company.
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Truth Social genitor institution Trump Media and Technology Group could now beryllium worthy much than Elon Musk's X, nan biggest competitor of nan erstwhile president's societal media site.
Shares of Trump Media person soared 333% since its late-September low, catapulting its valuation to $10.6 cardinal connected Tuesday, according to information from YCharts.
That's higher than Fidelity Investment's astir caller estimated valuation of X astatine $9.4 billion. Fidelity, which owns a liking successful X, updates its valuation estimate of nan societal media level periodically.
As of August 31, nan finance elephantine weighted its liking successful nan societal media level astatine $4.2 million, down 79% from erstwhile its liking was worthy $19.7 cardinal successful 2022 erstwhile Musk took nan institution backstage astatine a $44 cardinal valuation.
Trump Media's $10.6 cardinal valuation besides makes it much valuable than The New York Times, which is worthy astir $9.2 billion.
Trump Media's soaring valuation is little based connected fundamentals and alternatively related to Donald Trump's likelihood of winning nan Presidential predetermination connected November 5. The banal embarked connected a meme-like rally pursuing nan president's arena astatine Madison Square Garden successful New York City. Trading successful nan shares was halted respective times for volatility connected Tuesday.
According to its 10-Q filings pinch nan SEC, successful nan first half of 2024, Trump Media generated $344 cardinal successful losses connected $1.6 cardinal successful revenue.
But investors are buying nan banal regardless, and Trump is benefiting.
According to Bloomberg data, his nett worthy astir doubled successful nan past fewer months to much than $8 billion, mostly driven by nan emergence successful Trump Media stock.
Trump owns astir 115 cardinal shares of nan institution worthy astir $6.2 cardinal connected Tuesday.
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