I actually agree with you on this. It does make me wonder how the valuation actually came about seeing as everyone seems to agree that the company is a large money loser. Essentially a valuation looks to a company's ability to generate income or to have long term potential to be an earner. Stocks effectively have two values - its capital asset value for trading at a profit or loss or its earning capacity through dividends and the like. This company seems to offer neither except as a wishful dream that MAGA will grow, will support the site and be responsive to monetizing activities on it. By the look of it, it doesn't seem to have the legs.
Then again I've been wrong before. I bet on the fact that Apple wouldn't recover from its $4.00 share value before it came out with the iPhone.