markets

Luke Kawa10/28/24

Trump’s Truth Social might be worth more than Elon Musk’s X now

Elon Musk, the world’s richest man, has been at a number of Trump rallies recently to promote the former president ahead of next Tuesday’s election. Perhaps while the two are rubbing shoulders, he might get some tips from the Republican nominee on how to grow a social-media company.

A September 28 filing from Fidelity’s Blue Chip Fund, which owns a stake in the private company, suggests the firm thinks X is worth $9.4 billion. After Monday’s eye-popping 22% gain on record volumes, Trump Media & Technology Group (parent company of Truth Social) has a market capitalization of $9.48 billion.

We don’t want to take this judgement as gospel for myriad reasons. The numbers are close, the dates aren’t perfectly apples-to-apples, and there are different ways to assess how much companies are worth (market cap versus enterprise value, etc.). Also, this is just one institution’s view.

We doubt that Musk is sweating any of this too much, seeing as X’s operational performance is not his top priority in running the social-media platform, and also because of the bit about him still being the world’s richest man who saw that net worth swell by billions last week thanks to Tesla’s strong earnings report and guidance.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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