Former president Donald TrumpTruth Social’s social media company has crossed the line Elon Musk‘s Twitter) in market value.

What are social platforms worth?

Trump Media & Technology Group (TMTG), Truth Social’s parent company, now holds a valuation of just over $10 billion, after its shares more than quadrupled since late September. This jump in valuation puts it above X Holdings, which Fidelity recently valued at $9.4 billion.

The rise in TMTG’s stock price appears less to do with business performance than with Trump’s political prospects. As GOP presidential nominee remains in tight race against vice president Kamala Harristhe Democratic presidential candidate, investors have shown keen interest in the company.

On Tuesday, TMTG shares rose 9 percent to close at $51.51, following a 21.6 percent gain the day before. Trading was so intense that it triggered multiple shutdowns, a stark contrast to the stock’s low of around $12 last month.

The challenges of Truth Social

However, this comes as TMTG faces significant financial hurdles. Founded by Trump after he was removed from major social media platforms following the riots at the U.S. Capitol in January 2021, the Florida-based company is losing money and struggling to generate revenue. TMTG posted a loss of more than $16 million in the quarter ending in June while generating just $837,000 in revenue, according to regulatory filings.

Earlier this month, the Associated Press (AP) reported that a recent regulatory filing showed that the COO of Truth Social’s parent company had resigned and that the company is required to sell nearly 800,000 shares to an investor following a court decision.

COO Andrew Northwall has resigned from Trump Media & Technology Group Corp., according to a Securities and Exchange Commission filing. last month. The filing says the company plans to “move his functions in-house,” but no further details were provided about his departure.

Despite these challenges, investor enthusiasm has allowed the company to be valued above other major players, including Caesars Entertainment and Hasbro.

Musk’s X

Musk’s initial acquisition of Twitter in October 2022 was valued at approximately $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. However, Fidelity’s Blue Chip Growth fund said its stake in X Holdings was worth about $4.2 million.

Meanwhile, Musk threw his support behind Trump’s presidential bid, pledging more than $70 million and attending campaign town halls.

This article includes reporting from the Associated Press.