The market capitalization of Donald Trump’s social network Truth Social rose to $10.3 billion, surpassing in value Elon Musk’s X, which is estimated at $9.4 billion, The Guardian reported.
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On October 29, shares of Trump Media & Technology Group (TMTG), which manages Truth Social, rose 8.8%, but trading in the company’s securities was suspended several times due to volatility in the previous period to the US presidential elections, the newspaper writes. At 19:45 Moscow time on October 30, TMTG shares were trading at $42 on the Nasdaq.
At the same time, Musk’s social network remains a much larger service than Trump’s platform, The Guardian noted. in september unknown visited by 706.2 million users, and Truth Social, 13.5 million, according to information from the Similarweb website.
Musk bought X (called Twitter before the billionaire’s acquisition) in October 2022 for $44 billion. According to investment holding company Fidelity, as of early October 2024, X’s market capitalization was $9.4 billion.
Trump announced plans to launch Truth Social in October 2021, and as a result, the social network became available to users in February 2022. As the former US president argued, the service must “resist the tyranny of Big Tech.” Trump decided to create his own social network when his accounts were blocked by Facebook*, Instagram*, X and YouTube after the assault on the United States Capitol in 2021.
* recognized as extremist in the Russian Federation, the company’s activities are prohibited
Author:
Bogdan Muzychenko
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
