alt Hacker NewsRemember this was also when SpaceX was actually about space, instead of mostly AI and Twitter. Long-term shareholders that were sold on the space, have to be thinking about how to get out once their lockups expire.
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Not just that, but private investors were sold shares that all had the same voting rights. Since just before the IPO SpaceX now has dual class shares, Elon and a few insiders have class-B shares with 10x the voting power, while everybody else (including private investors) have class-A shares with 1x the voting power
SpaceX is WAY more about space than Twitter.
Twitter by itself is lucky to be worth $15B anymore.
The space portion of SpaceX is easily worth 10x that.
xAI is theoretically the hype machine that makes up the remainder of the value.
Well X is at the end of the name, so first is about Space, then about X, right?
/s
SpaceX, like Tesla, has always been about Elon Musk.
Investors are buying Musk, like they were buying Warren Buffett with Berkshire Hathaway. Long-term shareholders are not buying space; they are buying Musk. This has been clear to everyone since the beginning; it has been well communicated (look at SpaceX governance rules in Texas), and there is nothing mystical about it.
It's very likely Musk will roll everything up into a single Musk conglomerate.
I don't think companies expanding their business should be the only reason to sell. Apple was a desktop and laptop computer company when they released the iPod. Nokia was a company making rubber products when they started making cellular equipment in the 1970s. Amazon was a ecomm company when they released AWS. Etc.
Sure, I'm cherrypicking the success stories but I don't think it's the only signal people should use.