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.
Good. Choke on it, Elon.
Musk = POS Nazi.
“vanishes” from the pockets of buyers into the pockets of the IPOers
Shame the SEC will not stomp on the neo-Nazi.
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.
If you bought, just hold. Can’t time something this wild.
If you’re dumb enough to have been dumb, keep being dumb.
I agree that it was dumb for people to buy SpaceX, especially with the lack of any voting power.
That said, it’s dumber to sell stock when it’s down.
It depends if you don’t mind throwing the money away, or waiting thirty years for it to catch back up.
Or you can dollar cost average your way to a more workable position over time.
In investing patience is a great thing.
That’s what I said?
Not exactly, no.
Depends on if the stock will continue to go down… recover what can be recovered before it’s too late. It’s a risk both ways
Depends on if the stock will continue to go down
No one can know that, though.
That’s why I wrote the last sentence :-)
I get that, but the rest of your reply suggests that you think people should try and time the market, which is patently absurd. :)
The world’s first ex-trillionaire. Back to tres commas for you.
Musk is the world’s first zeronaire.
Hey, I was here first!
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.
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).
Because the high was just over $200. They are talking from its peak.
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 that they dumped their NASDAQ fund because it was about to carry SpaceX.
Obvious Pump & Dump Sees Investor Slump, more at 11
If I coukd afford puts I would have done it, saw this from a mile away
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.
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!
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.
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.
1 trillion to go!
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.
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
