The World's Richest Ponzi Scheme (Faking Value Using Net Waste)
"Larry Ellison who founded database firm Oracle has replaced Elon Musk as the world's richest man," a reader told us this morning (well, technically not morning where he is, the land of rising sun)
He cited this report: "Who is Oracle's Larry Ellison, and why did he just overtake Elon Musk to become the richest person in the world?"
Well, the short story, a CIA asset. Oracle was virtually the creation of the CIA, based on well-documented (but nowadays increasingly obfuscated) history. That helps the CIA secure access to many databases worldwide, even in foreign nations.
The article says: "Oracle cofounder Larry Ellison suddenly dethroned Tesla CEO Elon Musk Wednesday as the world's richest person after stock in Ellison's database software company surged by more than 40% amid rosy projections for its AI-fueled future."
So it's based on stock market bubbles and that market is based on the Ponzi scheme (or speculation) around "hey hi".
Also, "notice that AI increasingly uses the bullshit indicator gigawatts to refer to computing rather than the work unit of PFLOPS instead," an associate remarks, "apropos Oracle news".
Quoting further from Wall Street boosters: "According to Yahoo Finance, Oracle has been pouring billions into its AI ambitions by investing in data centers - effectively "securing a massive amount of Nvidia's coveted GPUs (graphics processing units, or AI chips) and renting out that computing power" in a push to "rival" peers such as Amazon and Alphabet."
But this "value" is based almost entirely on a lie.
The higher they go the harder they fall*.
We've truly entered an era of hey hi Ponzi economics. Just like with fakecoins, wasting a ton of energy gets you an opportunity to pretend to be "temporarily" rich. Just like at Microsoft, Ellison currently holds a lot of fake assets or assets whose value is over-inflated by more than tenfold (and this is how they pay a lot of employees; even bonuses are in "Stock" or "Shares").
Of course the above helps Ellison distract from a commercial struggle at Oracle, including the latest round of layoffs. █
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*Oracle's debt has never been higher.
