[nabaraz]

Like any tradeable product, valuation = supply * current price. 1B supply * 25 current price = 25 billion.

Important to note - it doesn't mean there is 25B of value created.

[baxtr]

Re your note: I disagree. I think value is what people are willing to pay for.

So yes, for now, he created 25B of value. You can argue that this value is in part based on his reach, so it was already there. He is monetizing it now.