This is astonishing.

A company with negative net worth, almost no revenue, and losing money every quarter, is valued at nearly $10 billion.

At its current size, if it had rapid growth and a clear path to future earnings, a generous valuation would be maybe $0.1 billion, more likely half that.

This thing is trading at around $70, vs. an realistic value 50 cents or so. And it has a ticking time bomb, because Trump can start selling his 60% holding in six months.

Of course, there's nothing to keep it from going to $700 before reality hits, but somebody is going to lose nearly 100% of their investment when the music stops.

The trouble is it's now a complete end run around campaign finance laws. Anyone wanting to pass money to him anonymously (eg various shadowy foreign entities) can just buy up the coin.