poblacht-na-n-oibrithe:

kingofthewilds:

peteseeger:

my man has won meltdown may on day 1

jooferslannister:

https://www.bbc.com/news/business-52504187

Tesla’s founder Elon Musk wiped $14bn off its value after tweeting its share price was too high in his opinion.

The tweet also knocked $3bn off Mr Musk’s own stake in Tesla as investors promptly bailed out of the company.

“Tesla stock price is too high imo,” he said, one of several tweets that included a vow to sell his possessions.

In other tweets, he said his girlfriend was mad at him, while another simply read: “Rage, rage against the dying of the light of consciousness.”

roumman:

He did it to short the stock. 

Basically what that means is he had a bunch of stock, sold it at the high price, tweeted this shit, prices dropped, and he rebought his stock back at the low price. When prices increase again, he can do the same shit all over again.

Executives do this all the time. Not necessarily through tweets, but if they have insider information that the stock’s about to drop, they’ll do this. Tell everyone who has shares (usually employees) not to sell because the price will go up, secretly sell all of yours over the weekend, and then on Monday, crash the stock, and buy again at the low price while all your employees lose the entire value.

This wasn’t Elon Musk fucking around and being an idiot. This was the calculated move of an executive looking to make more cash and score a slightly higher score of riches.

Like always, eat the rich.

Capitalism sure is an economic system