There's always Trump Media & Technology Group Corp, ticker DJT.
$6.5 billion market cap. Annual revenue $4 million (that's an "m").
It's a social media company that doesn't reveal any usage numbers or other KPIs. The company's auditor was just revealed by the SEC to be a complete scam with 100% fraudulent audits.
So why would anyone buy this? Well, it's 65% owned by a presidential candidate in the current election. The same candidate is threatened by massive legal fees.
So if you're Saudi Arabia, you can easily afford to spend a billion dollars on technically worthless DJT stock, and it goes straight to the pockets of the politician who has a very good chance of winning the 2024 presidential election. And there's nothing illegal about this, apparently. (For prior art, see that time when Qatar paid $1B for a distressed New York property owned by this same president's son-in-law.)
There's always Trump Media & Technology Group Corp, ticker DJT.
$6.5 billion market cap. Annual revenue $4 million (that's an "m").
It's a social media company that doesn't reveal any usage numbers or other KPIs. The company's auditor was just revealed by the SEC to be a complete scam with 100% fraudulent audits.
So why would anyone buy this? Well, it's 65% owned by a presidential candidate in the current election. The same candidate is threatened by massive legal fees.
So if you're Saudi Arabia, you can easily afford to spend a billion dollars on technically worthless DJT stock, and it goes straight to the pockets of the politician who has a very good chance of winning the 2024 presidential election. And there's nothing illegal about this, apparently. (For prior art, see that time when Qatar paid $1B for a distressed New York property owned by this same president's son-in-law.)