The SpaceX Sham: How the Biggest IPO in History Exposed the Myth of Market Transparency
Dissent magazine argues that the SpaceX IPO, which made Elon Musk the world's first trillionaire, reveals the futility of relying on corporate transparency to curb market irrationality. Despite disclosures about unprofitability and nonexistent markets, investors clamored for shares, and index providers bent rules to include the company. The piece contends that democratizing finance requires challenging Big Tech's oligarchic control, not just demanding more information.
Even the most transparent markets will not govern themselves.
- AlexMuir
> Although SpaceX stock has since fallen far below its IPO price
I'm a skeptic on SpaceX but the IPO price was $135, low was $108 and current price is $130. I wouldn't say that's far below.
- bigbuppo
Whether it's a good idea don't matter. Fundamentals don't matter. What matters is if enough investors think they can make a lot of money.
The bet is on a government bailout of some sort. SpaceX itself is now critical to national security, as is Starlink. Tossing every other Musk company into SpaceX means that when they fail SpaceX itself has to be bailed out. Probably safer than government bonds at this point if you can HODL.
- rendang
> punitive capital gains taxation
A strange turn of phrase. What is the crime in view that's supposed to be punished?
- rtaylorgarlock
I remember when a post of mine was flagged due to pretty obvious patent trolling against a cool FOSS project, but i made the critical error of 'crying' in my title.
Maybe I should flag this to get it out of my system.
- 3asj176
In retrospect it was a cunning plan to get $100B from the Musk-faithful to build Terafab. Intel is in, AmericaFirsters support it and Taiwan should feel less secure now.
The stock price is of course ridiculous: Intel lagged behind TSMC, but apparently Terafab has orders for ASML's latest gen machines (2nm). If Intel will manage to get a yield, we'll see.
All this space and AI stuff is marketing. The IPO was to get free money for a serious TSMC competitor.