Typical manipulation by Musk hiding his junk in his treasure vault. Look where we are at now, an insane IPO that oushed the guy into the trillionaire stratosphere, but a sudden run to the bond market for more money.

This is what happens when the surface looks shiny and nice (reusable rockets, dominant Starlink satellite internet, but the junk is hidden below (self manoeuvre of twitter, xai between TSLA and SPCX) with burdensome debt and problematic cash burn.

The valuation for the IPO was already not acceptable, but the casual investors bought into the hype and are now caught with their pants on the floor.

Funny enough, news is going around that the shares held by retail investors have been diluted (3.4% dilution, due to acquiring Cursor for $60 billion in stocks), resulting in analysts adjusting their fair value estimates.

SPCX is a cruel joke, and only Musk is laughing at the fools who bought into his beautiful story that looks like a nightmare with every passing day.