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[–] 157 points 2 months ago (14 children)

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

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  • [–] 86 points 2 months ago (9 children)

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

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  • [–] 38 points 2 months ago* (last edited 2 months 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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    [–] 71 points 2 months ago
    [–] 52 points 2 months ago
    [–] 50 points 2 months ago (12 children)

    Seeing musk fail makes me giddy. Seeing people who dumped and lost their money on him makes me giddier. FAFO

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  • [–] 41 points 2 months ago (4 children)

    Data centers in space are frankly a ridiculous idea. Can't believe so many wanted in on the IPO. They have cool tech, but nothing that would warrant such a high evaluation for now and the foreseeable future.

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  • [–] 41 points 2 months ago (3 children)

    That's because it was severely over valued for a company that produces no product and makes no profit.

    To be fair it was a solid pump and dump.

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    [–] 37 points 2 months ago (26 children)

    We ain't seen nothing yet. In 2-3 weeks the Q2 report will release at which 20% of stocks held by employees will be unlocked, which has hit even profitable and not-fantasy-based companies hard in the past. There will also be a wave of resignations from people who cash out and if that takes key people then investors back off even further. My guess is fElon wants the stock to stay high until next summer when he can sell, but he NEEDS it to stay high until November when early investors can cash out. He has borrowed billions from people you wouldn't want to owe $1 and been delaying and juggling for a few years with tacking together this SpaceX nonsense amalgamation.

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  • [–] 17 points 2 months ago (20 children)

    In 2-3 weeks the Q2 report will release at which 20% of stocks held by employees will be unlocked, which has hit even profitable and not-fantasy-based companies hard in the past.

    When you consider the kind of life changing amounts of money even a few thousand shares sell for at current rates, they'd be crazy not to.

    My guess is fElon wants the stock to stay high until next summer when he can sell, but he NEEDS it to stay high until November when early investors can cash out

    It's fallen maybe 12% since the IPO. You're talking about shares that were trading for a few bucks during the original debt offerings. Marc Andressen has something like a 6000% ROI on his holdings even at current prices.

    If this company dropped by 50%, it would still be worth in the $800B range. There's no world in which current shareholders don't make fuckoff amounts of profit. The only question is whether we're talking nine figures or ten.

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    [–] 27 points 2 months ago (4 children)

    It’s fun to laugh at the worst people taking Ls, until one realises that the insiders got to sell up early, leaving retail investors holding the bag, and that these involve not just eminently punchable Musk-idolising incel chuds or even FOXNews grandpas but ordinary working stiffs with pension funds and savings. Chances are everything went exactly to plan and even as Musk lost his very brief trillionaire status, he managed to cash out a lot of his virtual wealth.

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    [–] 22 points 2 months ago

    Is musk the first person to lose 1 trillion dollars? Quite the honor.

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  • [–] 21 points 2 months ago
    [–] 21 points 2 months ago
    [–] 20 points 2 months ago* (2 children)

    Good. Maybe one day the investors will see this idiot for what he is: a greedy racist fascist. And stop investing in his bullshit.

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    [–] 19 points 2 months ago

    he can drop still further

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  • [–] 18 points 2 months ago
    [–] 15 points 2 months ago (2 children)

    This is the sort of news that achieve nothing and only give this guy visibility

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  • [–] 15 points 2 months ago (2 children)

    He's such a loser not even his stock wants to hang around with him

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  • [–] 14 points 2 months ago (1 child)

    Prime wallstreetbets material

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    [–] 13 points 2 months ago* (last edited 2 months ago) (1 child)

    good, we knew it was bloat but it was still annoying af listening to people go "wow a trillionire", fucking wealth glazer are garbage people 9/10 times.

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    [–] 13 points 2 months ago (3 children)

    New low is going to become a common phrase for space x. Boldly going where no stock has gone before.

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    [–] 12 points 2 months ago (1 child)

    The majority of people who have bought SpaceX stock are now down at LEAST 18% in value.

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    [–] 12 points 2 months ago

    Its everything I hoped for.

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  • [–] 12 points 2 months ago

    The irony is that Musk himself has already cashed out enormous wealth over the years: Whether the stock jumps or drops today barely changes his position. The people really feeling the pain are the retail investors who treated him like an infallible genius instead of managing their own risk.

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  • [–] 11 points 2 months ago* (7 children)

    I considered buying it when the IPO was but didn't.

    Now I'm looking at the comments here and I'm thinking that perhaps now is the time. Lemmy is usually the number one investment source. Just do the exact opposite what people are saying here and you'll be rich.

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    [–] 9 points 2 months ago

    And they're gonna sprinkle this into our index funds, yay!!

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  • [–] 9 points 2 months ago (2 children)

    Was this not the plan all along? I thought it was an open secret to open woth high price, let initial investors sell their shares. Let 401K and small-time investors buy it, up and take the fall.

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  • [–] 9 points 2 months ago* (last edited 2 months ago) (1 child)

    Yep. AI has drained the venture capital well dry. So...

    • You merge xAI with SpaceX to make one profit making company and a loss making company in to a mixed financial bag.
    • Hype "Data-centres in Space" for a good six months to make it seem like it all makes sense.
    • Sell all your compute to Anthropic / Google (with 90-day termination clauses) to get some revenue on the books.
    • Lobby that you're such a good deal S&P and NASDAQ should change their rules to admit entry to their "required to buy" stocks. NASDAQ bites, but S&P refused.
    • IPO: $80B raised from IPO partners (banks) at $135 per share. Job done. No control lost because the share of the company was so low.
    • IPO subscribers (banks) sell to markets at upto $225. Lots of happy bankers. Retail markets (e.g. investment funds) now holds the shares, but it's all good, right? Nasdaq have it listed so there's an enforced buy in two weeks.
    • Stock slides. Enforced buy comes at ~$145 per share and it feels a bit more firm for a day or two.
    • Stock resumes it's slide to below it's IPO price.
    • Stock now sits at $124

    Net result:

    • Space X : +$80B
    • IPO subscribers: +$40B...ish
    • Public Shareholders: +5% of SpaceX (Currently $69B) & -$120B
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