Obvious Pump & Dump Sees Investor Slump, more at 11
And the most predictable and obvious one to ever be committed.
If I coukd afford puts I would have done it, saw this from a mile away
The world’s first ex-trillionaire. Back to tres commas for you.
When the IPO first was announced I made the point that Elon Musk isn’t now a trillionaire because not one will buy the stock at that price. Overinflated IPOs aren’t really relevant to the stock market, they already knew the value of a company they don’t need to be told what it is, they’re just a marketing gimmick.
Not to worry I’m sure the trillion was mostly just from pleb 401ks.
That trillion doesn’t exist. It didn’t go anywhere.
It does exist and it was moved from poor people to the rich. As always.
Well yes but that doesn’t mean an entire trillion dollars existed first. Valuation goes by the latest trade price, not total purchase price of all stocks.
A million people could all buy a share of something that has a million shares for 1 dollar and then the some person buys one off one of the investors for 1000 dollars and nobody’s selling for any less than that. Congratulations, it’s now a billion dollar company. Now some people realize it’s a bubble and lower their sell price to 10 dollars. A few people buy. It’s now a 10 million dollar company. 990 million was wiped off the stock market.
That obviously simplifies it but you get the point.
It moves when other buy and sell yes, but think about elon holding the stock. He “lost billions” but no money moved. So in this case the money never existed.
If you can use it as collateral, then it exists just as much as a house or property does.
I dread to think what he managed to spend it on this past couple of months. Hopefully no more “judo lessons” on suspicious islands
The stock exists yes, but the money didn’t exist. It only exists one you loan out then money is “created” though fractional lending. No elon created trillions of cash, not hoarded.
There is two truths to this: not 100% of the company exchanged hands. The part that hasn’t changed hands only lost perceived value, no money has moved. The part that is exchanging hands is real people losing and winning real money.
So much of this is blogger brain, with people hearing rumors based on clickbait headlines, and having no idea how the money moved around.
The major index that bought into SpaceX on IPO day was the NASDAQ-100. S&P and DOW indexes have not yet included it.
While US ETFs currently own around $16 billion worth of the stock across 179 ETF products, that’s around 1% of the total market cap of the firm. The single largest shareholder - at around 44% of the market cap - is Elon himself. Another 20-odd% is owned by various private equity funds that are a whose-who of the modern tech sector - Google, Peter Thiel’s Founders Fund, Sequoia Capital, and Andreessen Horowitz - along with your standard assortment of Wall Street banks - Baillie Gifford, Baron Capital Group, T. Rowe Price, and Valor Equity Partners.
Nobody has actually cashed out yet, in any meaningful capacity. But because the stock slipped off it’s IPO high, we’re getting a bunch of screaming know-nothings who insist they’ve all been robbed.
Well put!
It does exist. People used it to buy overvalued stock and people who knew how this was going to go got their money. The money is real, it just changed hands.
Yes, but that doesn’t mean it was a trillion dollars that changed hands, or even anywhere close to a trillion necessarily.
I knew I should have shorted it 😭
The market can stay irrational longer than you can stay solvent.
The stock hit $123 on Friday. It’s still got a $1.6T market cap. I have no idea where they got that headline from.
Because the high was just over $200. They are talking from its peak.
I have no idea where they got that headline from.
The “IPO price” for institutions (banks, hedge funds, a tiny bit for retail brokers) was $135. It opened on the public market at $150-something.
Still perhaps more than the company is worth, but at this point an institution that fought to get in on the IPO would be down 23% (unless they dumped it, which plenty did).
In a way SpaceX did me a favor. I dumped my NASDAQ composite fund before they started carrying SpaceX. It’s been on a downward trend ever since.
Maybe it’s been on a downward trend because of SpaceX?
Im pretty sure that is what they are implying
Well then, SpaceX did them no favour because they would’ve profited off their NASDAQ fund investment if not for them.
No… as they said, they had already sold. If spacex never joined or they sold later, they wouldve lost money
I assumed they dumped their NASDAQ fund because it was about to carry SpaceX.
I dumped mine because of the war. Missing the spacex slump was just a plus
What I find interesting about this is that everybody knew exactly what would happen, and then it happened. It’s a perfect counterexample to the logic of “this system isn’t perfect, but it’s the best thing we have.” It’s just the rich and powerful using leveraging their wealth and power to become even more so, and under the current rules nobody can stop them.
“vanishes” from the pockets of buyers into the pockets of the IPOers
Who could possibly have foreseen this! It’s an utter mystery!
Good. Choke on it, Elon.
Musk = POS Nazi.
Musk is the world’s first zeronaire.
Hey, I was here first!
Musk is already the person who lost the most wealth a while ago (biggest loser ever to have walked this earth). So now he beats his own record.
Shame the SEC will not stomp on the neo-Nazi.
1 trillion to go!
Damnation. I only made $20k from the downturn.
I mean, it might drop further, there’s probably going to be a bunch of automated panic selling.
Or it could find a support level. Who knows? Musk may be worthless, but the company isn’t. There is some stable valuation. Panic selling is a buying opportunity — assuming you like gambling and want to invest in that asshole’s companies.
considering Musk’s lockup period is the last (and largest) to end, my $ would be on it pumping before then
Those are just internet/market speculation numbers, not of any real value. He’s no trillionaire, but his buddies own all the media so he gets the platforms and news cycles to say he’s a trillionaire. I’m a little pissed at George Orwell for giving them all of those ideas.
I was thinking the similar thing the other day. I love science fiction and fantasy. But I’d be happy not have any of those if it would had stop these privileged nerds to come up with their “unique” ideas.
Hate to say this but I’d rather live in a bland gray world if it’s going to bring equality and justice.
