Headline was wrong so I corrected it. SpaceX market cap is above 2 trillion. Musk owns 42% of that. On paper, for now, but we’ll see where it ends up. He certainly couldn’t sell all the shares....
Headline was wrong so I corrected it. SpaceX market cap is above 2 trillion. Musk owns 42% of that.
On paper, for now, but we’ll see where it ends up. He certainly couldn’t sell all the shares.
Matt Levine wrote yesterday that a 20% pop would be just about ideal for an IPO:
Here are four possibilities:
Musk picked an arbitrary price that is way off-base, and the stock will fall 50% or go up 300% tomorrow.
Musk picked a price that was precisely correct, because he is a genius, and the stock will go up 20% tomorrow. (Twenty percent is the perfect IPO pop, making money for investors without leaving too much on the table.)
Musk picked an arbitrary price, but because of his reality-distortion powers, it became the precisely correct price. “If Elon Musk says the IPO price is $135 then that’s the perfect IPO price,” everyone will say, and there will be a perfect 20% IPO pop tomorrow. It doesn’t matter what anyone else thinks SpaceX is worth; it matters what Musk says.
Actually there was some price discovery, and SpaceX is going public at roughly the market-clearing price. It just didn’t need an IPO roadshow process to figure out that price.
Weird. When I posted, it said he was worth $2T. I guess I'm slightly less upset given that he didn't become the first trillionaire AND reach $2T...but we're talking shades of black here.
Weird. When I posted, it said he was worth $2T. I guess I'm slightly less upset given that he didn't become the first trillionaire AND reach $2T...but we're talking shades of black here.
First trillionaire that we know of… I still contend that the truly richest people on the planet have made absolutely certain that nobody knows they exist. Why paint a target on your back?
First trillionaire that we know of… I still contend that the truly richest people on the planet have made absolutely certain that nobody knows they exist. Why paint a target on your back?
Not exactly how it works. Private Equity is a thing, but at the same time this always comes back to "they're only rich on paper". Musk is one of the richest people on the planet, but it's not like...
Not exactly how it works.
Private Equity is a thing, but at the same time this always comes back to "they're only rich on paper". Musk is one of the richest people on the planet, but it's not like he can actually cash out for 1 trillion (just a couple hundred billion which is still insane, but you get my point).
Thing is to be worth that much this way it pretty much MUST be public.
However, at some point you have to ask what is money for and who could possible have more, and the answer to that is mostly state leaders. Putin/Xi/Trump are the obvious examples of people can, (and for debatable amounts do), use their countries GDP as a slush fund.
Musk can offer someone $750b in China for land, and they can tell him no and he could never come up with that anyways. Xi can have that tomorrow by nodding at the right person AND could probably have the money in their account as well if he felt so inclined.
Again though, we know these people exist. You can't move that level of money without being readily identifiable. You might not be rage posting on twitter and Nazi Saluting at the inauguration, but you can't "illuminati" trillions of dollars.
From what I can tell, it maybe used to be the case that guys like Putin were worth the most, but perhaps that's not true anymore with the insane net worths we're seeing now.
From what I can tell, it maybe used to be the case that guys like Putin were worth the most, but perhaps that's not true anymore with the insane net worths we're seeing now.
True story, Word of Honor:
Joseph Heller, an important and funny writer
now dead,
and I were at a party given by a billionaire
on Shelter Island.
I said, “Joe, how does it make you feel
to know that our host only yesterday
may have made more money
than your novel ‘Catch-22’
has earned in its entire history?”
And Joe said, “I’ve got something he can never have.”
And I said, “What on earth could that be, Joe?”
And Joe said, “The knowledge that I’ve got enough.”
Not bad! Rest in peace!
One of the great failures of human economic thinking is failing to appreciate the concept of liquidity. Unfortunately, having large amounts of illiquid and questionably-valued wealth confers real...
One of the great failures of human economic thinking is failing to appreciate the concept of liquidity. Unfortunately, having large amounts of illiquid and questionably-valued wealth confers real benefits that make it easier to amass more wealth.
The difference between your three-year-old child and a millionaire is now the same as the difference between that millionaire and Elon Musk.
Headline was wrong so I corrected it. SpaceX market cap is above 2 trillion. Musk owns 42% of that.
On paper, for now, but we’ll see where it ends up. He certainly couldn’t sell all the shares.
Matt Levine wrote yesterday that a 20% pop would be just about ideal for an IPO:
Weird. When I posted, it said he was worth $2T. I guess I'm slightly less upset given that he didn't become the first trillionaire AND reach $2T...but we're talking shades of black here.
As of right now up 28%, we will see how the day ends.
First trillionaire that we know of… I still contend that the truly richest people on the planet have made absolutely certain that nobody knows they exist. Why paint a target on your back?
Not exactly how it works.
Private Equity is a thing, but at the same time this always comes back to "they're only rich on paper". Musk is one of the richest people on the planet, but it's not like he can actually cash out for 1 trillion (just a couple hundred billion which is still insane, but you get my point).
Thing is to be worth that much this way it pretty much MUST be public.
However, at some point you have to ask what is money for and who could possible have more, and the answer to that is mostly state leaders. Putin/Xi/Trump are the obvious examples of people can, (and for debatable amounts do), use their countries GDP as a slush fund.
Musk can offer someone $750b in China for land, and they can tell him no and he could never come up with that anyways. Xi can have that tomorrow by nodding at the right person AND could probably have the money in their account as well if he felt so inclined.
Again though, we know these people exist. You can't move that level of money without being readily identifiable. You might not be rage posting on twitter and Nazi Saluting at the inauguration, but you can't "illuminati" trillions of dollars.
From what I can tell, it maybe used to be the case that guys like Putin were worth the most, but perhaps that's not true anymore with the insane net worths we're seeing now.
I'm reminded of this story/poem by Kurt Vonnegut, originally from The New Yorker:
Would be interested to know what the figure would be without govt loans, sketchy tax avoidance etc
One of the great failures of human economic thinking is failing to appreciate the concept of liquidity. Unfortunately, having large amounts of illiquid and questionably-valued wealth confers real benefits that make it easier to amass more wealth.
And he still has to lie about his video game skills and has no friends.
Sure. Sounds great.