of 15X revenues according to this article from Business Insider:

'A securities filing by DWAC in November showed the Truth Social app lost $31.6 million from its launch in early 2022 to mid-2023, Reuters reported.

And Trump Media lost $49 million in the first nine months of 2023 on revenue of just $3.4 million, per The AP.

Jay Ritter, an IPO specialist at the University of Florida, told The AP that the losses meant "no way the company is worth anything like" the stock price suggests.

DWAC noted the risk posed by the company's losses in filings with US regulators while pointing to the high failure rate for new social media platforms.

But this doesn't seem to have bothered DWAC backers, many of whom are individual retail investors and some seem to be Trump fans.