Trump's social media company, Truth Social, has climbed in value surpassing ally Elon Musk's company X, just one week after its launch. The parent company, Trump Media & Technology Group, is now valued at over $10 billion, four times higher than its value last month. While Trump has no active role in the company, he still owns the majority share and founded Truth Social after being banned from other social media platforms. The surge in company value has prompted trading to pause multiple times this week. Follow Misty Severi on X for more coverage of this development.
Trump's Truth Social Surges in Value, Surpassing Musk's X
Background:
Former U.S. President Donald Trump's social media company, Truth Social, has seen a meteoric rise in value just one week after its launch. On February 22, 2022, Truth Social became available for download on the Apple App Store.
Surging Value:
Trump Media & Technology Group (TMTG), the parent company of Truth Social, is now valued at over $10 billion, a fourfold increase from its valuation last month. This surge has prompted trading of TMTG shares to pause multiple times this week due to volatility.
Trump's Role:
Trump has no active role in TMTG, but he still owns a majority share and founded Truth Social. The platform was created after Trump was banned from Twitter, Facebook, and other social media platforms following the January 6, 2021, Capitol Riot.
Investors' Interest:
The surge in TMTG's value has attracted investor interest. Some analysts believe the company could benefit from the large number of Trump supporters seeking an alternative social media platform.
Top 5 FAQs and Answers:
1. Why is Truth Social gaining value?
2. What is Trump's role in Truth Social?
3. Why was Trump banned from other social media platforms?
4. What are the key features of Truth Social?
5. How does Truth Social compare to Elon Musk's X?
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