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.
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.
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.
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.
Keep up the good work. Bankrupt this damn Nazi.
Fuck bankrupting him, he needs to rot in a cell
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!
There’s a serious problem when one man can lose more money in a month than anyone else in history has ever had.
