I noted that NewsMax went public this week. After a heady two days of trading, the market has established its worth (not value...value is what you get) at about $22b. Raising an eyebrow, I looked for some reports of the financial type, and the first article specified $80m in revenue for the first half of 2024. Let's be generous and call it $180m for the year.

Being curious how this ranked compared to the largest market cap media companies, and finding such a list, I noted that NMAX has a higher market cap than the NYT and Paramount - combined. Though the Times has about 15x the revenue...and Paramount, about 150x.

How long can such exuberance last? How long can a r/wallstreetbets stock stay afloat? Why do people spend such staggering sums on shares of securities with but a trickle of revenue (and not a dime of actual earnings)?

How many times have we seen this episode?