Trump Media & Technology Group's Stock Surges on Market Debut

Already a subscriber?This year is starting to have something of a 2021-ish vibe to it. Bitcoin is booming, an old American man looks likely to hand leadership of the free world to another old American man, Elon Musk is saying things like “Dogecoin to the moon”, and so-called “meme stocks” are back.

“Why are you even talking about this?” media tycoon Barry Diller fumed on CNBC, calling the people who had been buying the stock “dopes”. “It’s a scam, just like everything has ever been involved in is some kind of con.” I have also seen many say that the reason people are buying “DJT” is as a way of backing their man, providing him with financial, and reputational, support.

But could a company trading at a revenue multiple of 1400 suddenly trade at a multiple of, say, 3,000? Sure! Why not?

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