"It's grossly overvalued," Ritter earlier this month. "It's hard to come up with a value of the company that is much more than the cash on the balance sheet."
Having only brought in about $836,000 in revenue last quarter - down 30 percent from last year, which is not the trajectory you want to see in a startup - Ritter told the broadcaster that his calculations based on cash per share suggest the stock is still overvalued by a staggering 1,000 percent.
Despite already losing a whopping $4 billion in valuation, on paper the social network is still somehow valued at around $2.79 billion - a third of the more than $9 billion market cap it boasted when shares were at their highest following the company going public, but still nothing to scoff at.
As many have noted before, Truth Social is unusual not just because of the personality behind it, but also because of the way it operates as a passive indicator of investor-cum-voter confidence in the real estate mogul's presidential prospects.
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