Trump Media had a grand total of $3.4 million in revenue in the first nine months of 2023, against more than $10 million in operating losses. And yet, as of market close on Tuesday, Trump Media was valued at almost $8 billion, making it worth more on paper than The New York Times. Trump Media is, in other words, a meme stock. Trump Media investors may well feel more allegiance to Trump than GameStop investors felt to GameStop. His stake in Trump Media is now worth more than $4.5 billion.