Habsy
Not playing around anymore.
He is a visionary though. Just not the kind that's good for humanity as a whole.
Tech Thread
- Thread starter MindzEye
- Start date
He's not wrong. That's why its down.
Habsy
Not playing around anymore.
Rivian is a piece of shit if you're not on paved roads. Their devaluation will be of their own doing.
leafman101
Well-known member
It’s possible to be both a visionary and a doofus. What he had done for electric vehicles and space travel really can’t be measured in market cap and net worth.
but also self owning by buying a worthless company for an insane amount of money for no real reason and then alienating all the users for also no real reason is insanely dumb.
still likely a net positive benefit to humanity.
but also self owning by buying a worthless company for an insane amount of money for no real reason and then alienating all the users for also no real reason is insanely dumb.
still likely a net positive benefit to humanity.
leafman101
Well-known member
He's basically just a Koreaboy, or JohnnyHolmes who also invented reusable rockets and made evs cool.
MindzEye
Wayward Ditch Pig
Imagine not being willing to at least bullshit your way through a "do you hate trans people" question.
Habsy
Not playing around anymore.
For all his faults he's been instrumental in pulling the world kicking and screaming into non fossil fuel energy and EVs.
The rest though. Oof.
Also, did he really buy it? Or did he fuck idiot investors? The loss on the books will also offset any taxation for decades.
MindzEye
Wayward Ditch Pig
I used to believe that Elon dragged the major automakers in kicking and screaming, but after learning a bit more about the history of EV programs, I've shifted a bit there. Europe has had legislation promoting EV manufacturing since 2006, and the US since 2011. Well before Tesla was mass producing any of its vehicles. Agreed that its more of a cool factor thing...all we had before was things like the Prius and Leaf.
Its a case of good government regs laying the foundation for culture to shift in the exact direction the regulations intended.
CH1
The Artist Formerly Known as chiggins.
amazing move... made yourself $25/share in a few days
Habsy
Not playing around anymore.
Before tesla they looked like crap and performed even worse.
axlsalinger
Well-known member
UWHabs
Well-known member
For Elon, twitter is a drop in the bucket. But the insanity has been his time at the top tanking tesla and his overall reputation is going to be what really hurts him.
MindzEye
Wayward Ditch Pig
I keep seeing this said online, but I disagree. So much of his net worth is illiquid market hopium based on the idea that he's a massive genius. He owns about 17% of Tesla now (and the days of him awarding himself epic bonuses are likely over, that's a shareholder group on the edge of open revolt), and that 17% share is worth about 70B, down from his TSLA holdings being worth over 200B. SpaceX is private so has no current market valuation to lean on, but I would bet that the "it's worth 140B" valuation has died a painful death along with the idea that Elon is a revolutionary genius. It's a company that does 2-2.5B in total revenue that has remained relatively flat since about 2017, even if the margins are spectacular, that's a company worth maybe 10-12B and Elon owns 47% of it. They exist mostly off of NASA contracts and Starlink revenue. Neither of which are likely to see explosive growth any time soon. The Boring Company & Neuralink are both useless from a valuation standpoint imo.
None of this is to say that he's broke, obviously. Even if everything unwinds on him and he loses "everything", he's still going to be at minimum a single digit billionaire, or wealthy beyond reason by all standards. But...it does mean that taking a personal 25B write down on twitter (which is likely when this all ends imo) is going to turn out to be a significant portion of his wealth evaporating on this move, potentially the majority of it by then.
If Tesla drops to a normalish valuation for an automaker (Elon himself said last night that Tesla is basically fucked without self driving tech playing out for them), it's maybe a 50B company. Elon's share of that is about 9B. He could sell SpaceX for ~10B and his share would be ~5B. Boring and Neuralink are worthless. Yeah...writing down 25B on burning twitter to the ground would hardly be a drop in the bucket at that point.
UWHabs
Well-known member
I meant it more as a statement that if he bought twitter, it tanked and cost him a ton, but he didn't reveal himself to be a total moron in the process. The amount he loses on Twitter is absolutely dwarfed by the amount he loses when tesla drops.
But the big thing as you say is that his worth is tied mostly to "potential". It's not Microsoft or Amazon or something that has built up their market. And so this twitter meltdown is showing people who Musk really is, that's making people rethink that potential.
LeafGm
Well-known member
Elon just did an amazingly good sales job, is all.
He really did have a large amount of the public convinced for years that he was a super-genius real life Tony Stark or Nikola Tesla that was on a mission to save humanity. Whether through combating global warming with revolutionary zero-emission self-driving electronic vehicles, public transport systems and home power systems, or by colonizing the solar system.
To the point where tons of people—both big money types and mostly progressive, left-leaning regular people—threw gobs of their money at his ventures because they wanted to get in on the ground floor of that.