General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMusk is a "trillionaire" because of incredibly overpriced stocks.
First there is Tesla, with a market cap of 1.5 trillion, that is 6x more than the worlds biggest car maker, Toyota, that outsells Tesla 10 to 1. There won't be self driving cars, or millions of robo-taxis or home robots or any of the other BS Musk promises.
And now we have Space X, which relies on the US government for 90% of it's revenue, and is still losing money. Currently at about $4-$5 billion a year. But that is where Musk has stuck his unreliable AI nobody uses.
So, while I don't underestimate the stupidity of the investor class, these stocks eventually will come back to Earth.
EdmondDantes_
(2,239 posts)Don't get me wrong, I like looking at my 401k going up, but yes there are a number of vastly overpriced stocks based on hopes and dreams.
bucolic_frolic
(56,193 posts)We knew it in the Standard Oil era, we knew it when they broke up other businesses.
This is too much power in the hands of too few.
efhmc
(17,176 posts)ITAL
(1,426 posts)Ironically ended up making even more money after they broke up Standard Oil than he had prior. He was a large stock holder in all the companies that it was busted up into and when they started competing against each other...he profited from it all. I remember seeing an interview with his grandson or great grand son once, where they said than old man Rockefeller said something along the lines of "If I knew I would make more after the split up Standard Oil, I never would have fought it so hard."
snowybirdie
(6,765 posts)the so called traders to fail spectacularly and have to wipe the egg off their faces!
edhopper
(37,632 posts)they never admit they were wrong. Look at Jim Cramer.
TheProle
(4,177 posts)That's a lot of eggs. Who's gonna pay for that in this day and age.
B.See
(9,008 posts)he can't take it with him.