QOTD: Musk Becomes A Trillionaire At Your Expense

 

"IF YOU’RE READING THIS, you might be about to help make Elon Musk the world’s first trillionaire.

"If so, you’ll also be risking your retirement savings while simultaneously bailing out X and Cybertrucks.

"And to top it off: You have pretty much no say in the matter.

"That’s because Musk’s SpaceX is IPOing next week, and it’s getting special treatment that allows it to enter many of the major stock indices without meeting the usual requirements to do so. What that means is that if you hold an index fund—which you probably do, if you have a 401(k)—you may be forced to transfer some of your wealth to this money-losing rocket company and, by extension, its megalomaniacal CEO. And you won’t really be able to complain if he screws up...." -- Catherine Rampell, in "The Bulwark," starting off "Congrats. You’re About to Unwittingly Make Elon Musk a Trillionaire."  She concludes:

"So to recap: You and I are going to be forced to buy SpaceX at what appears to be an inflated price; we have no recourse if Musk fail-whales; and our federal overseers are asleep at the switch."

Everything in between is more than a little horrifying and disgusting, and well worth the read.