Collapse of MElon Companies a Taste of What's to Come for Slop Bubble and GAFAM (Trillions in Debt, Justified as Slop "Investments")
Trillionaires do not exist and never existed. What we have is imaginary (borrowed, at least on paper) "money" that creates companies with a fake value (or "market cap" or "valuation") to serve as mere "chips" in "the market".
One good example of this was SpaceX, a company that does not even profit. Who decided it was worth trillions of dollars and why?
"The Bond Market Doesn’t Like Bullshit," as Paul Krugman put it the other day, and it seems like the fake oligarchs with their fake "worth" are buying the people who are meant to regulate them (and the markets). As it was put this week: "Elon Musk will be spending $100 million to $120 million in at least eight states to help elect Republicans in November, according to The New York Times."
That's bribery, but in the US the Supreme Court called it "free speech".
Now that Tesla is having problems, SpaceX is in a freefall, and Boring Company is "too boring" for the media to even mention what scam it was (or still is) we need to reconsider if the stock market is based on reality or white-collar frauds like IBM's CEO.
Of course Microsoft did not "gain" a trillion dollars in "value" by shedding off so many experienced workers (and still doing the same). █
Image source: Portable Satellite Dish