Truth Social parent company Trump Media now worth more than Elon Musk’s X as Election Day nears

Trump Media & Technology Group, which operates the social media network Truth Social, now trumps the estimated value of Elon Musk's X as Election Day looms.

Trump Media & Technology Group (TMTG) is now valued at over $10 billion after its shares more than quadrupled since late September. 

Meanwhile, X Holdings, which was taken private two years ago, is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company.

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Truth Social's worth has soared in recent weeks as Nov. 5 nears. On Tuesday, the stock rose almost 9% to $34.17.

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Since its listing, Trump Media has been popular with traders who view it as a speculative bet on Trump winning the Nov. 5 election. He owns 57% of the company, making his stake now worth almost $4 billion.

The upward trend of Trump's social media platform came after the stock had dropped roughly $12 last month.

In the quarter ending in June, TMTG lost more than $16 million, while generating $837,000 in revenue.

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While TMTG market valuation is now greater than the estimated value of X, Musk's platform remains a far bigger social network than Truth Social.

According to Similarweb, X received 706.2m visits last month, while Truth Social received 13.5m.

Musk has become one of Trump’s most ardent supporters in his re-election bid. 

Musk officially endorsed Trump over the summer, when the 45th president survived the first assassination attempt on his life this election cycle, and has since joined the campaign trail in the key battleground state of Pennsylvania to rally support and encourage people to vote.

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Along with making appearances at rallies and leading town halls in support of Trump, Musk has contributed more than $70 million to the campaign.

Reuters contributed to this report.