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

Trump media & The technology group is now worth over $10 billion after its shares more than quadrupled since the end of September. X Holdings is now valued at around $9.4 billion, based on the latest value that investment group Fidelity assigned to its stake in the company formerly known as Twitter.

Trump Media (TMTG) stock tends to move more with Trump’s re-election chances than his own winning prospects, and investors have noted that his chances of winning the presidency again have improved recently. On Tuesday, the stock rose nearly 9% to close at $51.51, on top of a 21.6% gain on Monday. The stock fluctuated so much that trading was briefly interrupted several times during the morning. The stock had fallen to about $12 at the end of last month.

Trump founded TMTG after he was banned from Twitter and Facebook following the Capitol riots on January 6, 2021. He owns about 57% of the company but is not involved in the management of the company.

Sarasota, Florida-based TMTG has been losing money and struggling to grow revenue. According to regulatory filings, the company lost more than $16 million in the quarter that ended in June on revenue of just $837,000.

When Musk took over Twitter in October 2022, the company was worth around $44 billion. At the time, Fidelity Investments valued his 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 companies now larger than TMTG include: Caesars Entertainment, Match Group, Walgreens Boots Alliance and Hasbro, the maker of the Monopoly game.

Musk has become one of Trump’s most prominent supporters in his bid to get re-elected. Musk, the world’s richest man, has committed more than $70 million to boost Trump and has recently held several town hall meetings in support of the former president.