It was all for show anyway. He got to be the first trillionaire, and his friends got to sell at the high while leaving pension managers and rubes holding the bag. Hell he probably sold a good bit himself to reinvest in some other scheme. It was a pump and dump scam facilitated by the market.
I agree with the gist, and I’m probably dumb but how would he both sell high and sell to himself?
Not “to himself” sold a bit himself.
But you can actually do that, it’s how the collectible market and other worthless trash like NFTs inflate value.
Someone buying at the inflated value makes others think it’s actually worth that and might convince them to buy as well. The “sale” is part of the con, as the conman passes money from his right hand to his left and calls it demand.
Oh see I knew I was being dumb, I misread.
He didnt buy, he would have sold a portion of his own stock to bag holders. My guess is that he sold a portion of his stock through shell companies if he was at all worried about rules. He knew the whole thing was a scam. He knew the trillionaire thing wouldn’t last, but he knew that the valuation would be high to start, because all big IPOs start overvalued before settling back to something more reasonable. Which is why they relaxed the rules for early investors to be able to sell right away. So again, he sold at the peak, and immediately turned around and bought some other more stable stock.
My bad, I misread.
It’s always been pretend wealth anyway.
Having said that, what “on paper” wealth means is that those ultrarich mofos get to borrow a lot of money from the banks, using their hypothetical wealth as very real collateral, to live their opulent lives without ever paying taxes like the rest of us with a real job.
Unfortunately he has enough pretend wealth to alter the results of elections and go on a grant and people killing spree throughout the government.
Normally, performance like that leads to the CEO getting punted.
Invest in a Fail Upwards billionaire, lose value in your investment.
Remove Elon Musk from SpaceX, watch your investment grow.
Or, let him lead the charge off planet, and the whole world benefits. 🤞🏼
According to Bloomberg’s Billionaires Index, Elon Musk’s estimated net worth began the year near $630 billion before the SpaceX IPO frenzy briefly pushed his fortune above $1.3 trillion. As SpaceX retreated, that paper wealth evaporated just as quickly. By Friday, Bloomberg estimated Musk’s fortune at approximately $718.8 billion, representing a decline of roughly $600 billion in about a month.
Ok but he netted nearly $90 billion. By comparison, if he gifted that to a random American, they’d be the 16th wealthiest person in the US.
I guess this is news in the sense that the only thing to take from Musk is his precious trillionaire label, but his failure still made him richer by an absurd amount.
There’s a serious problem when one man can lose more money in a month than anyone else in history has ever had.
No, that’s not a problem. That nazi fuck can lose every fucking cent. The problem is not that he lost that much money, it’s that he had it in the first place. That’s the problem
Sorry, I didn’t realize anyone reading would be so very slow that they would read that and not understand that I was already very clearly saying that any one person having that much money more than anyone else is the main issue.
Oh FFS, don’t be like that. I can read, and I understand. I know what you meant.
Now you try reading and understanding that my point was to highlight that I actually enjoy him losing money.
It’s ok, buddy, you can wear your bicycle helmet in here. No one will tease you about it. ^^
Keep up the good work. Bankrupt this damn Nazi.
Fuck bankrupting him, he needs to rot in a cell
Too expensive. Think of the actual taxpayers, after all. Who really wants to shell out for his “humanity”, all the while risking enabling countless lawsuits from his bottomless funds & political leverage… 🤬
First and only immigrant that needs to go strait to El Salvador.
Yeah, I’m fine with him being a billionaire in jail for life.
no longer a thrillionaire, how sad!
Let’s keep the count going down. I want that fucker living out of his mom’s garage before year end.
