Start your own corporation in an evening, and issue 1 million shares. Your company is worth nothing. Sell one share to your roommate for $10. You now have a company "worth" $10,000,000. That's a simplistic version of what this is.
It's not the next Apple, and it's not even the next Pets.com or whatever. It's not a reflection of an overheated market. It's just nothing.
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