PwnallthethingsNov 26, 2022

He's the richest man only because Telsa is a memestock.

Once people realize Tesla's value is high for the same basic reason FTX's was*, it'll normalize down to something a lot smaller.

* people put money in, and number go up; and because number go up, more people put more money in. All while paying lots of attention to the brand and the memes but without paying much attention to the fundamentals of the business

Show threadJohn BreenNov 26, 2022
@Pwnallthethings It seems to me that he is "richest" because of PayPal. I still don't understand, how did PayPal represent a multi-100-billion payday to a few like Thiel and Musk ? Money laundering ? Threat to PCI that had to be paid off ? To me, understanding this would explain may things.
Show threadsydney
@jab01701mid @Pwnallthethings He made less than 200 million off PayPal, but that's well past the point where, if you've no morals, you can easily become a billionaire with some investing. Musk's entire valuation is because of his cult of personality. Tesla is struggling so badly that they lost several first mover advantages due to mismanagement. The only reason SpaceX hasn't had much in the way of competition is because it's a capital-intensive industry with few if any existing competitors.
Nov 26, 2022 at 9:23amWeb