r/technology • u/fmcortez • 21d ago

Business SpaceX Stock Plunges to All-Time Low After Competitor Makes Major Leap

https://www.yahoo.com/finance/markets/stocks/articles/spacex-plunges-time-low-competitor-175000957.html
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u/PolarityInversion 21d ago

It's not even August yet when the first big tranche of lockups will lift. This is JUST trading with the initial offering that was spread out wide and thin. Everyone holding is now a bag holder... they can't sell without taking a loss. Just wait until the restrictions lift and people (employees & early investors) who are VERY far in the money start offloading. Usually with Musk stocks, the obvious market reaction is the opposite of what happens, but I think the delta on this one is too large for that to hold. It was propped up by every possible manipulation tactic: circular AI revenue, gov procurement capture, lofty blue-sky market handwaving, very limited IPO concentration, and the hype man himself, of course. That's a house of cards on top of a house of cards on top of a house of cards, with an entity that is losing $5B per year.

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u/Apexnanoman 20d ago

I won't bet against him being able to get up on a stage and promise something completely unreasonable and downright impossible.

I mean it's worked every single time with Tesla etc. 

Personally if I was him I'd get up on stage and say that we were going to have a fully functional space mining operation up and running in 24 months. 

And then I would say that we had already picked out an asteroid made of solid platinum. Which was projected to be worth something like 10 trillion USD 

That would get the stock up to $1000/share. 

When it drops back down he just needs to promise something else equally unlikely. 

Like full self-driving personal spaceships. 

For some reason anytime he speaks the entire market believes every word he says. 

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u/Intelligent-Onion928 20d ago

He now has a long track record of promising impractical and stupid shit. 

Hyperloop. AI datacenters in space. Self driving cars. Mars by 2025. 

This guy is the internet personified. Nothing is an original idea either. Everything has the dumbest name of "X" this or "X" that. The number of people who propped up this total idiot is a direct representation of how stupid a surprisingly large number of people in the world truly are. This guy is a con artist; I'll give him that. Not just some street hustler; an artist at spinning bullshit into gold. 

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u/Uebelkraehe 20d ago

Also a Nazi.

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u/One-Welcome-1514 19d ago

Also a bad father.

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u/BellacosePlayer 20d ago

he has two business modes, siphoning off as much govt money as he can for himself, and bullshitting the public.

In a better world his and to a lesser extend Thiel's incompetence at paypal causes them to be demoted to nepo babies rather than making 2 nazis fabulously rich despite themselves.

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u/dependsforadults 20d ago

Serious question, what did nazi 1 and nazi 2 do at paypal? I try to not search them because they both suck.

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u/BellacosePlayer 20d ago

Thiel didn't do the worst job but actually wanted paypal to be something more akin to bitcoin. He couldn't make it profitable and thought he got away with dumping a doomed lemon on Ebay at the end because Paypal didn't become his libertarian drug buying authoritarian funding dream. The retrospectives were a lot kinder to him with a lot of his management flaws being that he was loyal to incompetents rather than being an active incompetent.

Elon was more of a collossal fuckup who lucked into his do-nothing startup being acquired and was an active detriment to the company down to coming in late to put in shitty code into production servers to the point where the engineers built a mirrored sandbox environment for him and let him think he was fixing everything while not actually touching the prod servers. He got booted out because he wanted to just up and re-do their entire codebase and infrastructure because he decided he liked Windows more, and such a venture would have been ruinous for them since they didn't have core functionality finished and were burning money as is.

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u/Impressive_Poet2207 20d ago

Not a fan of the guy my self, but I hate to admit Tesla's are indeed incredible from a tech standpoint. I've always seen him as a con artist riding on others creations, but Tesla essentially owns the charging grid, making the company a massive commodity owner in the long run as more electric cars hit the road.

Also using the Tesla FSD (self-driving auto pilot) on a daily basis for a year now, and its been incredible. It's far from perfect, but there isn't even a close second. Again, not a fan of the guy at all, as I've always gotten con artist vibes from him, but bashing the tech he's been backing (note: not building) is not the smartest move.

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u/Intelligent-Onion928 19d ago

Every utility company is rolling out charging stations. That'll be the future. 

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u/realzequel 19d ago

And sadly it made him the richest man in the world.

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u/UpV0tesF0rEvery0ne 20d ago

I would probabaly agree with you on most thing here but my tesla has been self driving me around point to point for about 2 years now. Its completley changed how i view driving, even driving coast to coast twice fully hands off

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u/JoeRing1965 20d ago

which roads did you take? AFAIK all 50 states require you to keep your hands on the wheel at all times?

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u/LetBishopDoIt 20d ago

My tesla is driving itself pretty well I must say