No analysts' notes, no follow-up initiations, no price targets. Neither brokers nor major banks have yet deigned to pay any attention to this new group.

Yet there is no lack of public interest in the company. Since the end of March, it has been a regular fixture on the front pages of the financial media, the subject of commentaries and editorials, and, above all, widely followed by supporters of the former president and the speculators who run the show on Reddit's Wall Street Bets.

Nor is there any problem with capitalization. With a market value of $4.9 billion according to Reuters, more than other apps such as Grindr or Bumble, the company is eligible for coverage by analyst firms. Its trading volumes are also decent and should give it a modicum of curiosity.

Not so. JPMorgan Chase, Bank of America and Barclays Plc have confirmed to our Reuters colleagues that they don't care for Trump's new dancer, and declined to justify their choice. At TMTG, we hold our heads high, pretending not to be offended.

Is the reason for this lack of interest to be found in the company's IPO method, via a blank check company?

Brokers tend to be reluctant to cover these new start-ups, because their firms, not having participated in the IPO, have no financial interest in them. Moreover, SPACs are little sought-after by institutional investors, as they have no financial track record. Their inauspicious initial track record on the stock market, and regular setbacks with the authorities, put off the last potential candidates.

Yet some SPACs are winning the hearts, or the pens, of analysts. Such is the case with Nextdoor and Grindr, which are followed by a small handful of offices.

Some point out that traders' infatuation with TMTG should, on its own, justify coverage of the stock, which is among the most actively traded US equities.

Here again, smoke without fire. After all, the vast majority of traders are individual investors, not commissioned professionals. And this hype, reserved for fans of the man (Donald Trump), gives the stock a valuation that has no financial basis: 1,200 times the company's expected sales for 2023, or $4.1 million. This makes TMTG a UFO when it comes to valuation multiples.

And you really have to be a fan (or blind). The company itself has admitted to its shareholders that it doubts its ability to continue as a going concern.