“Trump deal” heating up Trump's social media valuation than Musk's X platform

October 30, in the run-up to the U.S. election, “Trump trading” has heated up dramatically, because investors believe that Trump's chances of returning to the White House are very high. The odds on the betting market show that Trump is far more likely to win the election than Harris. Truth Social, Trump's self-made social media platform, has surpassed the latest valuation of its biggest rival, Platform X, owned by Musk, the world's richest man, thanks to a recent surge in Trump Media Technology Group (TMTG) shares. As of Tuesday, shares of Truth Social's parent company, Trump Media Technology Group, had soared 333% from a low set in late September, climbing to a valuation of $10.6 billion. That compares with Fidelity Investment's latest valuation of X at just $9.4 billion. Fidelity regularly updates its valuation expectations for the social media platform because of its stake in X. Since Musk bought X in October 2022 for a whopping $44 billion, the platform's valuation has fallen 79%.

Translated with DeepL.com (free version)