Want to wade into the sandy surf of the abyss? Have a sneer percolating in your system but not enough time/energy to make a whole post about it? Go forth and be mid.
Welcome to the Stubsack, your first port of call for learning fresh Awful youāll near-instantly regret.
Any awful.systems sub may be subsneered in this subthread, techtakes or no.
If your sneer seems higher quality than you thought, feel free to cutānāpaste it into its own post ā thereās no quota for posting and the bar really isnāt that high.
The post Xitter web has spawned so many āesotericā right wing freaks, but thereās no appropriate sneer-space for them. Iām talking redscare-ish, reality challenged āculture criticsā who write about everything but understand nothing. Iām talking about reply-guys who make the same 6 tweets about the same 3 subjects. Theyāre inescapable at this point, yet I donāt see them mocked (as much as they should be)
Like, there was one dude a while back who insisted that women couldnāt be surgeons because they didnāt believe in the moon or in stars? I think each and every one of these guys is uniquely fucked up and if I canāt escape them, I would love to sneer at them.
(Credit and/or blame to David Gerard for starting this.)
A Substack in the name of Cape Fear Advisors LLC argued that SpaceX wants to get in peopleās retirement accounts then say to Uncle Sam āyou had better give us lots of contracts or we will crash and take grandmaās retirement funds with us.ā Sucking on the government teat has been one of Elon Muskās favourite strategies since he got access to a State of California green transport grant.
I do not know if that can work because only a few percent of the company will be for sale so they will only be a fraction of a percent of those index funds. They can definitely sell some shares for real dollars, and if they keep the price high they can borrow real dollars against the shares which are not on the market like people borrow against bitcoin.
I will not link because it is in that articulate but empty style that does well on Substack. It may be written by or with help from AI.
I think a 30% chunk will be available for non-institutional investors, which as far as these things go is supposed to be humongous and also an indication that they are very much counting on stupid money to prop their valuation.
I think that is 30% of 3% of the market cap for retail investors. There are many ordinary people who keep the price of Tesla shares high because they have faith in the CEO, but an index fund spending 0.2% of its money on something then losing it is just an ordinary day (one S&P 500 fund I checked has 4% of its money in M$ which has about twice the market cap as SpaceX wants to have, I assume that at least ten times as many shares of M$ are available to trade on the stock market).