Who’s going to buy this profit-free stock selling for 100 times earnings?

I think its worse than a P/E ratio of 100. It is 100 times revenue. Earnings in this context mean profits, so a company which is losing money has no P/E ratio. The argument is that if $100 of stock corresponds to $10 of profit last year (P/E 10), that is probably a better buy than if $100 of stock corresponds to $5 of profit last year (P/E 20).

And yes, this looks to me like a crypto rugpull crossed with all the tricks which keep Tether prices and Tesla shares floating in midair.