@mastodonmigration Twitter’s valuation went through a similar set of impossible figures in the early years. I think it was over five years before it had a revenue stream, and well over a decade before it became profitable.

This sort of tech investment is a long game.

Also, keep in mind that it’s not so much about what the company does these days, but about what other investors do. You want to buy when the price is low and rising. If everyone sees something happen that gives prominence to the future of that company, then they all jump on the bandwagon to get part of that pie.

And these decisions are all made by algorithms and AI these days anyway.