SpaceX stock falls below its $135 IPO price to $115.26, giving short sellers $15.5 billion in paper profits as traders double down on bearish market bets.
And here and there, it’s possible to look at pricing and conclude it’s pants-on-head bananas. Trading and therefore price action is dominated by algorithms which amplifies hype cycles. Who couldn’t see SpaceX as being overvalued?
But that’s the problem. Many of us definitely knew SpaceX was overvalued. It should have been a no-brainer to short this stock at IPO… however, look at Tesla stock. That shit should have cratered years ago but still hasn’t. I wanted to short this stock, but I didn’t trust the Musk morons to not continue humping his sack. Even when you can see that something is pants-on-head bananas, there are enough idiots out there (and enough insider traders) making shit irrational.
But that’s the problem. Many of us definitely knew SpaceX was overvalued. It should have been a no-brainer to short this stock at IPO… however, look at Tesla stock. That shit should have cratered years ago but still hasn’t. I wanted to short this stock, but I didn’t trust the Musk morons to not continue humping his sack. Even when you can see that something is pants-on-head bananas, there are enough idiots out there (and enough insider traders) making shit irrational.