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SpaceX stock drops to a new low and loses $1 trillion in value in a month (www.businessinsider.com)
submitted 1 month ago by to c/technology@lemmy.world
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[–] 157 points 1 month ago (4 children)

I don't know how anyone fell for this pump and dump scheme in the first place.

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  • [–] 86 points 1 month ago (2 children)

    I do :(. I'm also worried about which of my 401ks bought in to it too

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  • [–] 38 points 1 month ago* (last edited 1 month ago) (1 child)

    That's the most outrageous part. The most obviously fraudulent company being given fast track to s&p 500 (although I just read that decision was overturned) NASDAQ100 just reeks of corruption.

    EDIT: thanks for the correction. I don't know much about USA or their economic stuff.

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  • [+] -76 points 1 month ago (3 children)

    I mean you choose your investments for your 401(k). Maybe it is time to learn about which funds you’re invested in and make sure they’re appropriate for your time horizon and risk tolerance.

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  • [–] 74 points 1 month ago (1 child)

    401(k) is managed by the employer and you can only pick from the funds they have selected. That really doesn't leave much choice for most people.

    That's why people should consider doing a rollover into IRA anytime they have a job change and not just rollover into the new employer's 401(k).

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  • [+] -35 points 1 month ago (1 child)

    It’s not like it’s stocks. It’s index funds and you can get a list of the funds offered. I don’t think I’ve ever seen an index fund that included SpaceX

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  • [–] 41 points 1 month ago

    Broad-market funds like the Vanguard Total Stock Market ETF (VTI) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT) include SpaceX.

    SpaceX was added to the Nasdaq-100, meaning funds that track it, such as the Invesco QQQ ETF, hold the stock.

    Benchmarks like the Russell 1000 also hold SpaceX, automatically populating funds like the iShares Russell 1000 ETF (IWB)

    https://www.investopedia.com/spacex-stock-joins-major-index-funds-what-regular-investors-need-to-know-spcx-ipo-vanguard-blackrock-vti-itot-12004764

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  • [–] 21 points 1 month ago

    I'm not even American and even I know that the level of corruption involved in the SpaceX IPO means that even people who want nothing to do with SpaceX had their investments tied up in SpaceX.

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  • [–] 4 points 1 month ago

    It's unfortunately bigger than just the suckers being suckered. These things also get pumped a lot by "early investors", whose strategy is to get the stock immediately and sell quickly to take adventage of the initial surge. They increase the demand a lot and contribute to that surge.

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  • [–] 4 points 1 month ago (1 child)

    Fanboys

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  • [–] 4 points 1 month ago

    Man before Elon was a public figure it was so easy to fanboy. Reusable rockets is an insane feet of human engineering. At least now we have some competition in the space.

    I know that it was the talented engineers at SpaceX doing that engineering and huge publicity subsidies, but it felt like a step forward.

    Why can't Elon just leave SpaceX alone.

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