Media

Report: Elon Musk Could Buy Trump Media

Kenneth Metral

Nov 2, 2024 — 1 min read

Image Credit: Donald J. Trump/Library of Congress

Recent media reports have speculated that Elon Musk, CEO of Tesla and SpaceX, might consider acquiring Trump Media & Technology Group (TMTG), the parent company of Truth Social. This speculation arises amid TMTG's stock surge, elevating its market valuation to over $10 billion, surpassing the estimated value of Musk's X (formerly Twitter), which stands at approximately $9.4 billion.

Musk has become a prominent supporter of former President Donald Trump, contributing over $70 million to his re-election campaign and participating in rallies. This alliance has fueled conjecture about potential business collaborations between Musk and Trump's media ventures.

However, as of now, there is no concrete evidence or official statements confirming Musk's interest in acquiring TMTG. Both parties have not publicly addressed these rumors, leaving the matter within the realm of speculation.

The potential acquisition would have significant implications for the social media landscape, potentially merging Truth Social's user base with X's platform capabilities. Such a move could reshape the dynamics of social media, especially in the context of political discourse.

Investors and industry observers are closely monitoring developments, recognizing that any collaboration between Musk and TMTG could have far-reaching effects on both companies and the broader media industry.

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