Donald TrumpTruth Social has exceeded Elon MuskThe value of X, thanks to a sharp rise in shares of the parent company of the former president’s social media platform.

As reported P.A.Trump Media & Technology Group is now valued at more than $10 billion, having seen its shares more than quadruple since the end of September.

By comparison, X Holdings is valued at around $9.4 billion, according to investment group Fidelity’s latest valuation of its stake in the former Twitter platform.

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Shares of Trump Media, or TMTG, often fluctuate more with Trump’s re-election chances than with its own earnings prospects, and recent improvements in its outlook have boosted investor confidence. On Tuesday, the stock rose nearly 9% to close at $51.51, adding to a 21.6% gain from Monday. Trading was so volatile that it was briefly interrupted several times in the morning. Last month, the stock had fallen to around $12, according to the report.

Trump founded TMTG after being banned from Twitter and Facebook following the Capitol riots on January 6, 2021. He owns about 57% of the company but does not actively manage it.

Headquartered in Sarasota, Florida, TMTG is facing financial difficulties, struggling to generate revenue while suffering significant losses. In the quarter ended in June, the company lost more than $16 million, with just $837,000 in revenue, according to regulatory filings. P.A. reported.

When Elon Musk acquired Twitter in October 2022, the company was valued at approximately $44 billion, with Fidelity Investments valuing its stake at $19.7 million. Recently, a regulatory filing revealed that Fidelity’s Blue Chip Growth fund now values ​​its stake in X Holdings at approximately $4.2 million.

TMTG has surpassed several companies in valuation, including Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the game Monopoly.

Musk has become one of Trump’s most notable supporters in his re-election campaign. The world’s richest man has pledged more than $70 million to support Trump and recently held several town hall meetings in support of the former president.