CNN and other U.S. media reported that social media Truth Social, founded by former U.S. President Donald Trump, has exceeded the corporate value of X, the original social media, on the back of soaring stock prices of its parent company ahead of the U.S. presidential election.
On the 29th local time, the stock price of Trump Media, the parent company of Truth Social, soared nearly 250% in the past month, with a market capitalization of $10 billion and KRW 13.83 trillion in Korean money.
By comparison, X, which was delisted two years ago by Tesla Inc TSLA CEO Elon Musk, has a market value of $9.4 billion.
The reason why start-up Truth Social has overtaken X is because its parent company, Trump Media, is drawing attention as the most representative presidential-themed stock in the U.S. stock market this year.
Trump Media, which is 57% owned by former President Trump, was listed on Nasdaq in 2021.
Last month, the stock price was only in the $10 range, but the stock price began to soar as the market forecast that former President Trump is likely to win the election.
But Truth Social had 13.5 million visits last month, less than 2% compared to X's 76.2 million, according to the traffic statistics site.
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