- cross-posted to:
- hackernews@lemmy.bestiver.se
- cross-posted to:
- hackernews@lemmy.bestiver.se
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I don’t know how anyone fell for this pump and dump scheme in the first place.
I do :(. I’m also worried about which of my 401ks bought in to it too
That’s the most outrageous part. The most obviously fraudulent company being given fast track to
s&p 500 (although I just read that decision was overturned)NASDAQ100 just reeks of corruption.EDIT: thanks for the correction. I don’t know much about USA or their economic stuff.
It was NASDAQ100 that let SpaceX in. S&P 500 stayed true to their rules which includes waiting at least 1 year after IPO to include it in the portfolio
Check the top holdings for the funds you’re invested in using a service like Morningstar or just search the web for “<your fund’s ticker symbol> holdings”. You may have little to no exposure to SPCX. If you do, you can research the other funds offered in your plan the same way and hopefully find something that you find more suitable.
Hey you condescending asshole, they literally changed the rules to allow this into the indexes.
401(k) is managed by the employer and you can only pick from the funds they have selected. That really doesn’t leave much choice for most people.
That’s why people should consider doing a rollover into IRA anytime they have a job change and not just rollover into the new employer’s 401(k).
It’s not like it’s stocks. It’s index funds and you can get a list of the funds offered. I don’t think I’ve ever seen an index fund that included SpaceX
Broad-market funds like the Vanguard Total Stock Market ETF (VTI) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT) include SpaceX.
SpaceX was added to the Nasdaq-100, meaning funds that track it, such as the Invesco QQQ ETF, hold the stock.
Benchmarks like the Russell 1000 also hold SpaceX, automatically populating funds like the iShares Russell 1000 ETF (IWB)
I’m not even American and even I know that the level of corruption involved in the SpaceX IPO means that even people who want nothing to do with SpaceX had their investments tied up in SpaceX.
Fanboys
i monitor my father investing habits to make sure he doesn’t fall for shit like this, their have been a few times iv been worried to say the least…
It’s unfortunately bigger than just the suckers being suckered. These things also get pumped a lot by “early investors”, whose strategy is to get the stock immediately and sell quickly to take adventage of the initial surge. They increase the demand a lot and contribute to that surge.
Seeing musk fail makes me giddy. Seeing people who dumped and lost their money on him makes me giddier. FAFO
Unfortunately, a lot of people didn’t have a choice in the matter.
A lot of Americans voted for this clown, remember? And most of those voters were fine when DOGE destroyed the lives of many. Now it‘s their turn to pay up. Let this be a lesson for Americans. Subscribing into an ideology of selfishness and hatred comes at a cost for society.
And a lot of Americans didn’t vote for this clown, remember? Those are still being punished with this bullshit.
?
Your money in savings and insurance and superannuation funds is often reinvested in shit like this.
It’s worth dropping yours an email and asking whether they do or not…
The 401k that americans use also automatically invested in it if they didnt opt out iirc
Oh, I hadn’t clocked until now that 401(k)s are a pension fund. I guess that means they are basically the same as superannuation.
There isn’t a single 401k that Americans use. 401k is an index fund, an investment vehicle. I’m sure many included SpaceX but plenty did not.
And as an individual you can’t really “opt out” of individual stocks in the fund. You could roll all of your investment into a different fund that doesn’t include the stock you don’t want, but I don’t know of any broker that allows people to pick and choose which stocks they want to use in their 401k. You give them money, they manage the fund, that’s how it goes.
Mine is invested in the UK with a focus towards sustainability and green energy, so I am safe. Plus I don’t really care much if it doesn’t go negative. Just want to pay off my mortgage and then stop working much.
Shorting the stock and making money on your own when Musk fails
(This is not financial advice. In fact it’s very dangerous as Musks companies often perform irrationally)
(This is not financial advice. In fact it’s very dangerous as Musk’s companies stocks are manipulated and rigged manually)
ftfy
Data centers in space are frankly a ridiculous idea. Can’t believe so many wanted in on the IPO. They have cool tech, but nothing that would warrant such a high evaluation for now and the foreseeable future.
Full self driving datacenters in space
With a hyperloop link between them
You see the internet is like a bunch of tubes
Oh no, look out ISS! *SMASH*
It’s fun to laugh at the worst people taking Ls, until one realises that the insiders got to sell up early, leaving retail investors holding the bag, and that these involve not just eminently punchable Musk-idolising incel chuds or even FOXNews grandpas but ordinary working stiffs with pension funds and savings. Chances are everything went exactly to plan and even as Musk lost his very brief trillionaire status, he managed to cash out a lot of his virtual wealth.
No, thats just not true. At IPO date there were already many critical voices about the stock being way overvalued for what they charge at IPO. “Insiders” means there was info that was withheld or the public didn’t know about. Anyone who bought this stock at IPO asking price was just foolish enough to buy into the hype.
The planet is too fucked for me to care about dumb people’s money.
Good. Maybe one day the investors will see this idiot for what he is: a greedy racist fascist. And stop investing in his bullshit.
They won’t do that. They’re also greedy racist fascists. That’s what capitalism is.
They don‘t care about the racist fascist part but he‘s also a massive fraud who build his empire on short legged lies. It‘s simply irresponsible to believe that guy.
That’s because it was severely over valued for a company that produces no product and makes no profit.
To be fair it was a solid pump and dump.
You mean creating a worldwide communication system that has to be completely relaunched every half decade that is the exact opposite of profitable isn’t sustainable!?
Actually the Starlink division itself is profitable.
The unprofitable part is Twitter and xAI which got merged in right before the IPO.
SpaceX was actually on the path to being quite profitable, but then Musk tried to hide his two biggest money sinks inside it.
he can drop still further
The majority of people who have bought SpaceX stock are now down at LEAST 18% in value.
I bought a dollar of it just to track it and now it’s worth $.80
This is the sort of news that achieve nothing and only give this guy visibility
Sell side stock news is usually made to help retail investors lose money. They will pile on to this thing for a few more weeks then reverse it back up to 3 trillion. Rinse wash repeat. And you have infinite money generator 2.0
Insider trading 101 right here
good, we knew it was bloat but it was still annoying af listening to people go “wow a trillionire”, fucking wealth glazer are garbage people 9/10 times.
9/10 times
This leaves a room for the assumed 10% non-garbarge billionaire-stans, and I’m wondering what set of traits would such a person have, other than being an absolute boot-sucking loser.
New low is going to become a common phrase for space x. Boldly going where no stock has gone before.
Hopefully the stock needs a Boring Machine.
I assure you, many stocks have gone much much lower. It’s called “penny stocks”. They’re exactly what they sound like. They’re mostly used as pump and dump schemes. Company is worth $0.01 per stock? Buy $10,000 dollars worth. Then, when it eventually becomes worth $0.02, you sell, and make an easy $10,000. Repeat every few days.
Put the two sentences together. Then realize it’s also a joke.
Its everything I hoped for.
