Trump's Truth Social Surges in Value, Overtakes Elon Musk's X

As the election approaches, Donald Trump's social media outlet Truth Social has surged in value, leading it to be currently valued more than Elon Musk's X (formerly Twitter).

Shares of Trump Media & Technology Group (TMTG) ended Monday up 21.6% to $47.36/share in regular trading, meaning the company has a market capitalization of about $9.48 billion, Variety reported.

X on the other hand, is valued at about $9.4 billion following a significant second-quarter loss, as according to Fortune.

Despite Truth Social being significantly smaller than X, TMTG shares hit their highest level since mid-July. This comes after record lows in September, which market veterans said is being driven by whether or not people believe Trump will win the election, CNN reported.

The recent surge comes after Trump held a rally at Madison Square Gardens in New York City, which received a lot of backlash after a comedian featured at the rally called Puerto Rico a "floating island of garbage."

Trump owns 56.6% of TMTG's shares, which now collectively have a worth of about $5 billion.