Today's SpaceX IPO has temporarily made the "human Ponzi scheme" (aka the Clown Prince of X, aka Elon Musk) the first trillionaire. In itself this is a sign that the arc of the moral universe is completely bent, and yet somehow the fraud and grift goes so much deeper.
For starters, retail investors have the worst of two worlds: first, only a small percentage of SpaceX stock actually went up for sale today, so Musk will retain total control over the company, outsiders be damned; and second, an unusual percentage of that stock (30% compared with the usual 10%) was allocated to retail investors. Plus, with NASDAQ re-writing the rules they had in place to prevent pump-and-dump IPOs, once retail investors get in during the post-IPO ascent, the insiders who are selling those shares will get massively rich. Then, as has happened in nearly every tech IPO since TulipX in 1637, the price will crash.
The whole thing is hinky, and seems more like an exit for insiders than an opportunity for investors. Combine that with the need for index funds to buy SpaceX stock because of their investment strategies, and now your retirement could be funding these thieves.
I'll be watching this closely. I have not seen Musk do anything for his entire career that didn't look like pure grift with no substance under it. For a company that has yet to make a profit make an IPO with a paper valuation of $1.77 trillion, this seems like one more grift.
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