I mean, he lost an entire country BIP worth of money in a single day. Some people still think he has it all in cash on his bank account or something. Either they are incapable or they don’t want to understand how the world’s economy and market works.
Comment on OpenAI scraps controversial plan to become for-profit after mounting pressure
toastmeister@lemmy.ca 2 weeks ago
His wealth isn’t real, its Tesla stock. Hence why he bought twitter.
doodledup@lemmy.world 2 weeks ago
toastmeister@lemmy.ca 2 weeks ago
People are also skeptical of the price of bitcoin for some reason, as if the financial system isn’t all make believe.
doodledup@lemmy.world 1 week ago
It’s all psychology. But the difference to Bitcoin is that it is grounded in reality. Since the existence of the stock market, every stock eventually converges to its real valuation based on revenue and productivity. The converging of Tesla has already started as the overvaluation has started to correct itself.
TeamAssimilation@infosec.pub 2 weeks ago
Crypto has just made more evident how finance wizards are simply adept at saying something is incredibly valuable, and getting people to believe them. Tesla has no reason to be so valuable. SpaceX I’d agree, but Tesla has been overtaken at every aspect by other companies.