This is a most excellent place for technology news and articles.
I don't know how anyone fell for this pump and dump scheme in the first place.
I do :(. I'm also worried about which of my 401ks bought in to it too
That's the most outrageous part. The most obviously fraudulent company was 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.
It was NASDAQ100 that let SpaceX in. S&P 500 stayed true to their rules which includes waiting at least 1 year after IPO to include it in the portfolio
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.
Seeing musk fail makes me giddy. Seeing people who dumped and lost their money on him makes me giddier. FAFO
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.
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.
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.
50% might prove optimistic. The rules that were bent for SpaceX exist for reasons. The August dump will be 4X the shares already in the wild. You are right, employees would be crazy not to sell at current rates. SpaceX employees are probably smart and/or educated enough to read the white papers on all these science fantasy projects and know they are pure fantasy. Cool stuff to fire up investment bros, but not the kind of thing they want to be tasked with trying to make reality. Point being, the floor for what an employee would not sale is going to be really low. True believers might hold, but anyone who smells the BS or just likes money will gleefully sell at 50% of current.
Meanwhile, China is making great strides in VTVL and much cheaper, open source LLMs. The EU is eager to find home grown or at the least not-American tech solutions. Every headline makes SpaceX look less and less likely to make ANY profits, let alone completely dominate supposedly multi-trillion dollar markets.
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.
No, thats just not true. At IPO date there were already many critical voices about the stock being way overvalued for what they charge at IPO. "Insiders" means there was info that was withheld or the public didn't know about. Anyone who bought this stock at IPO asking price was just foolish enough to buy into the hype.
…so far!
he can drop still further
This is the sort of news that achieve nothing and only give this guy visibility
Sell side stock news is usually made to help retail investors lose money. They will pile on to this thing for a few more weeks then reverse it back up to 3 trillion. Rinse wash repeat. And you have infinite money generator 2.0
He's such a loser not even his stock wants to hang around with him
Sadly Here, hé is not a loser. Things happened exactly the way he wanted to. He won big, his idiot fans lost bigger
Good. Maybe one day the investors will see this idiot for what he is: a greedy racist fascist. And stop investing in his bullshit.
They won't do that. They're also greedy racist fascists. That's what capitalism is.
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.
You want to play meme stocks, you'll get better odds with gas station scratches.
Is musk the first person to lose 1 trillion dollars? Quite the honor.
good, we knew it was bloat but it was still aonnying af listening to people got "wow a trillionire"
The majority of people who have bought SpaceX stock are now down at LEAST 18% in value.
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.
Its everything I hoped for.
And they're gonna sprinkle this into our index funds, yay!!
New low is going to become a common phrase for space x. Boldly going where no stock has gone before.
