Trump Media & Technology Group, which operates the social network Truth Social, saw its stock skyrocket in the weeks leading up to the Nov. 5 presidential election — and it’s currently worth almost as much as Elon MuskIt is Xthe social media company formerly known as Twitter.

On Monday, shares of TMTG, which trades under the symbol “DJT,” rose 16.5% to $45.39/share as of 11:15 a.m. ET, following Trump’s rally Sunday at Madison Square Garden in New York. That gives TMTG, which reported total revenue of $1.6 million for the first half of 2024 and heavy losses, a market capitalization of around $9.1 billion.

Musk, who acquired Twitter in 2022 in a $44 billion deal, has seen the value of the company – which he renamed X – decline significantly since his takeover. A disclosure last month by Fidelity, which owns a minority stake in X, implied the company was valued at $9.4 billion. reported by Forbes.

Trump beneficially owns 56.6% of TMTG’s outstanding shares, bringing his stake to a current value of more than $5 billion.

Industry analysts say TMTG’s rising stock price reflects growing enthusiasm among its investors over Trump’s 2024 presidential election victory over Vice President Kamala Harris. Referring to the surge in TMTG’s stock price, Gene Munster, managing partner of venture capital firm Deepwater Asset Management, told CNN in an article published Monday, “I have never seen anything like it. The value of this business depends almost entirely on the outcome of an election.”

Musk, the world’s richest individual and CEO of Tesla and SpaceX, is also a major Trump backer. The tech-billionaire spoke at Trump’s MSG event on Sunday.

TMTG recently hit a low closing price of $12.15 per share on September 23 following the expiration of a six-month lock-up period during which TMTG insiders were not allowed to sell their shares . Trump said he had “absolutely no intention” of selling his shares.

TMTG did not release any notable financial news that would have triggered a massive rally in the stock. For the second quarter of 2024, TMTG reported net revenue of $836,900 and a net loss of $16.37 million, according to its 10-Q filing with the SEC for the period. For the first quarter, the company reported revenue of $770,500 and a net loss of $327.6 million; Most of the loss for the first three months of the year was due to expenses associated with TMTG’s merger with special purpose acquisition company Digital World Acquisition Corp. to become a publicly traded company.

TMTG calls Truth Social “a haven for free expression amid increasingly harsh censorship from big tech companies.” Trump created TMTG in 2021 after the former president was kicked off Twitter (now called the attack of January 6, 2021. at the US Capitol.

Musk reinstated Trump’s account on X Shortly after the tech mogul struck the Twitter deal, the former president was also left out of Meta’s Facebook, Instagram, YouTube and more. However, Truth Social remains Trump’s preferred social media platform.

Truth Social launched in early 2022. The company did not disclose how many people use Truth Social, saying in a recent filing: “At this stage of its development, TMTG believes that by adhering to traditional key performance indicators, such that registrations, average revenue per user, ad impressions and pricing, or active user counts, including monthly and daily active users, could potentially distract its focus from strategic assessment with respect to progress and the growth of its activity.