Eli5: How can large companies be worth (valued at) so much when they do not make any net profit?
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If you are asking about the current situation with Twitter, and related companies then you are not the only one asking this question. Even experienced financial analyzers have no idea why some people think these companies are worth as much as they are.
But there are companies which are worth way more then what their net profit would have it. The idea is that while they might not be profitable now, and even run a huge loss, they are building up very valuable assets which will bring huge profits in the future. For social media sites their assets will typically be their brand and their users and network. And if this gets big enough you can make huge profits in advertisements, premium services and user data. So typically a company spend a lot of money in the startup phase, level off at the huge growth phase as they focus on growing as big as possible, and then make a lot of money when they can not grow any more and end up selling out.
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