Odaily Planet Daily News Thanks to the recent surge in the stock price of Trump Media Technology Group (TMTG), the latest valuation of Truth Social, the social media platform created by former U.S. President and Republican presidential candidate Donald Trump, has surpassed that of its biggest competitor, Elon Musk's X platform, which is owned by the world's richest man. As of Tuesday, the stock price of Truth Social's parent company, Trump Media Technology Group, has skyrocketed by 333% from the low point reached at the end of September, with a valuation climbing to $10.6 billion. In contrast, Fidelity Investments' latest valuation for X is only $9.4 billion. Fidelity regularly updates its valuation expectations for this social media platform due to its ownership of shares in X. Since Musk's acquisition of X for a high price of $44 billion in October 2022, the platform's valuation has decreased by 79%. The $10.6 billion valuation of Trump Media also makes it more valuable than The New York Times, which has a valuation of approximately $9.2 billion. It is reported that the soaring valuation of Trump Media Technology Group is not based on fundamentals but is related to the likelihood of Trump winning the presidential election. (Financial Associated Press)