How can Donald Trump’s loss-making Truth Social be worth $9bn?

The rightwing social network’s flotation, supported by fans of the ex-president, makes it look like part of the ‘meme stock’ phenomenon• Business live – latest updatesDonald Trump’s social network went public on Tuesday and quickly achieved a valuation of almost $8bn (£6.3bn), a gain of more than 15% on its initial public offering (IPO) value. Shares rose again in volatile trading on Wednesday, rising 14% and valuing it at $9.6bn. That enormous success ha