"The thing I don't quite get is that a company with these sorts of financials, how is it that it ended up with this valuation in the multiple billions of dollars?"
Referencing this point only. t-m-tg and the spac it became is still a scam because it never made a profit from it's product and actually stole software to launch itself. Using another companies intellectual property without permission and proper credit and claiming it as their own invention even in their disclosures is illegal and technically stealing.
But when the stock market promotes a 'market capitalization' as a value, it's almost always false and wrong. The MC that is bandied around is just a parameter created by stock annalists to get a quick 'incorrect' feel for any company to promote an ipo, or spac and is devoid of any legit fundamentals of the said company. The annalists probably never intended that the MC was prostituted into a stock pump and dump scheme. IF the quick MC is being used it is figured solely with the total stock outstanding in active trading multiplied by the market stock price AT THE MOMENT of rendering that data. So, before it even started trading publicly the market shillers claimed 9 billion market value based on speculated pre market price. Then when it did start trading it was roughly $70.00 times how many millions were outstanding to trade. djt dropped to 60. the first full day of trading.
An actual analysis would take in earnings, financial statements going back years, corp major holders, performance of it's products in a real market place or comps, PE values, loans or promissory notes and debt ratios... etc etc.. all things of a operating functional known company and then come up with a realistic value.
Whereas t--m-tg/d-w-ac spac had only a shit app as it's only product, that was the only thing to check on. And it lost 10's of millions a year from it's inception.
So MC can be and usually is a very false indicator of a companies value. But it works well to give the crooks billions in up front dollars with a ipo or a merge into a spac.
In summary, djt/d-w-ac is a company without a profitable product except the stock it shills. In using mc indicator with djt is phony and the constant down trend since last week pretty much proves it. There is no sustainable company with djt. It's accurately labeled a meme stock. In name only pump and dump. There's no chance in hell TS can compete. Even if the app gets bought out, it would probably get shut down.
The real travesty is that the SEC didn't shut down d-w-aced when they had the chance. There's just so much wrong with how this company pulled this off it's extremely disappointing the SEC let it happen.
And every day when the value drops another false billion we see how greed uses MC to scam people.
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