Trump Media &amp; Technology Group Corp. (code DJT), a social media company owned by Donald Trump, saw its stock soar over 16% on its first day of trading. Overnight, the US stock market surged another 14% to $66.22, pushing the company's market value to around $8 billion. Based on the closing price on Wednesday and Trump's ownership of nearly 60% of the company's shares post-listing, his personal net worth has increased to $7.1 billion.According to the Forbes billionaire list, Trump's total net worth nominally increased by nearly $700 million on Wednesday, making him one of the richest 400 people in the world.It is reported that Trump owns approximately 78.8 million shares of DJT, representing a 60% stake valued at around $5 billion. However, these are just paper gains as Trump cannot sell these stocks during a six-month lock-up period.Despite the stock price rollercoaster, Wall Street currently values DJT at $11 billion, which is almost double the closing price on Wednesday. More notably, Wall Street bluntly states that there is no rational basis behind this valuation of DJT.Looking at the fundamentals, based on Wednesday's opening price, DJT's price-to-sales ratio (the ratio of market value to revenue) exceeds 2000 times, although tech companies are usually valued higher, this multiple still seems extremely unreasonable. For comparison, Nvidia's price-to-sales ratio is 38 times; when Meta went public in 2012, its valuation was 12.5 times revenue.Financial documents show that DJT had revenue of only $3.4 million in the first three quarters of last year, while the loss reached $49 million. The recently listed &#34;American Reddit&#34; is expected to generate revenue of about $804 million in 2023, with a valuation of only $6.4 billion.The only comparable case to DJT is Facebook's $19 billion acquisition of WhatsApp, which had almost no revenue at the time and 450 million users. However, TMTG has not disclosed its active user count, only claiming to have 9 million registered users. By this calculation, the value of each registered user is as high as $1067, while Facebook's valuation per monthly active user is only $422.Meanwhile, DJT continues to accumulate losses, with its main product Truth Social losing more and more customers. Jonathan Weber, Investing Group Leader, warns that DJT's rise is driven by speculation until the social media platform can demonstrate resilient user growth and improved financial conditionsDJT also warned that it expects &#34;significant&#34; losses in the foreseeable future and added that it may never generate enough revenue to achieve profitability

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Trump Media & Technology Group continues to soar, with a market value exceeding $8 billion and a price-to-sales ratio of over 2000 times. Trump holds approximately 78.8 million shares of DJT, representing a 60% stake, with a value of around $5 billion

DJT continued to soar on the second day, with a "ridiculous" valuation, Trump "never been so rich"