NEW YORK — Donald Trump’s Truth Social is now worth more than Elon Musk’s X, thanks to the recent rise in shares of the parent company of the former president’s social media platform.

Trump Media & Technology Group is now valued at more than $10 billion after its shares more than quadrupled since late September. Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value investment group Fidelity placed on its stake in the company formerly known as Twitter.

Trump Media’s stock, or TMTG, tends to move more on Trump’s re-election chances than its own earnings prospects, and investors have seen his chances of regaining the presidency improving of late. On Tuesday, the stock rose nearly 9% to close at $51.51, on top of a 21.6% gain Monday. The stock was moving so strongly that trading was briefly halted several times during the morning. The stock had fallen to around $12 at the end of last month.

Trump created TMTG after being banned from Twitter and Facebook following the January 6, 2021 riot at the Capitol. He owns about 57% of the company but plays no role in its management.

Based in Sarasota, Florida, TMTG is losing money and struggling to generate revenue. He lost more than $16 million in the quarter ending in June while generating only $837,000 in revenue, according to regulatory filings.

When Musk took over Twitter in October 2022, the company was valued at around $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, Fidelity’s Blue Chip Growth fund said its stake in X Holdings was worth about $4.2 million.

Other TMTG companies now larger than: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the game Monopoly.

Musk has become one of Trump’s most prominent supporters in his bid to win re-election. The richest man in the world, Musk committed more than $70 million to strengthen Trump and recently held several town halls in support of the former president.