Trump Media soars to $10 billion market cap, overtaking the value of X, which has hundreds of millions more users [Fortune]
Similarweb Ltd. Ordinary Shares (SMWB)
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Source: Fortune
Thanks to a stock price that's soaring in the final days before the election, the market cap of the Trump Media and Technology Group (TMTG) now exceeds that of X, which owner Elon Musk took private in October 2022. In late September, TMTG's stock sat at an all-time low of $12.15. Since then, the stock's price rose 345% as Trump's political chances improved. Now, TMTG has a market cap of roughly $10.8 billion compared to X's estimated value of $9.4 billion . X's market cap was calculated based on the value of Fidelity's investment cited in disclosure forms filed in September. Much of the trading on TMTG has been divorced from its financial performance ; instead, it appears that shares of TMTG rise and fall with the Trump campaign's political outlook. The disconnect between share price and business performance has led TMTG to be called a meme stock. In fact, TMTG's finances have been mired by hundreds of millions in losses and negligible top-line revenue. In the second quarter of t
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- 11/12/24 - Beat
SMWB
Sec Filings
- 11/12/24 - Form 6-K
- 11/12/24 - Form 144
- 9/18/24 - Form 6-K
- SMWB's page on the SEC website