Latest / Black Box Theory Podcast / SpaceX & Elon's Wealth
Transcript
- Malcolm: ⁓ I mean, everyone, I mean, even if you like roughly follow the news, you should be aware ⁓ of SpaceX having the largest ⁓ pop ⁓ public offering IPO in history. so just to recap, SpaceX, they went public on June 12th on Nasdaq under the ticker SPCX. They raised $75 billion at a $1.78 trillion valuation, which is the largest, I repeat the largest IPO ever. ⁓ they closed day one, I believe at around like $161. So up 19% from the initial $130. IPO price. ⁓ and Elon Musk, ⁓ at that time on Friday crossed one trillion dollars in net worth, becoming the world's first trillionaire, right? So It's definitely lots of breakdown, l lot to kinda like go through with that, but just to add some more kinda important facts to know. So for this is like more like the nerdy factor with people who like to look over the balance sheets and the numbers and things like that. So there were five hundred there were five hundred and fifty five point five million class A shares sold at one hundred thirty five dollars a share. ⁓ Musk, he retains eighty five percent percent of combined voting power. So retail gets economic exposure, they get the shares, but they do not have a lick of control. So that was never the case. ⁓ SpaceX they disclose 18,712 Bitcoin on his balance sheet, which ranges from like 1.3 to 1.4 billion ⁓ billion in the S S one filing. and then Muskus, his stake in SpaceX alone was worth $860 billion at the IPO price. Tesla pushed him over to $1 trillion. So his stake in SpaceX was almost a trillion dollars in itself. Plus Tesla. I'm not gonna lie. Like, I think I saw a Saturday. Like Elon is richer. He's richer than the next four richest people in the world combined. I think it's like, Jeff Bezos, Sergi Brenn, ⁓ Larry Ellison and one other person. But he he is richer than the next like he number one is richer than two through five on on like the the the richest people in the world is so ⁓ And then this is SpaceX including ⁓ was it Starl Starlink? Is the other one called it? Yeah, so they because he bought his other company with SpaceX. Yeah. ⁓ and also I just have to say, shout out to the people who worked for SpaceX and held that stock long term. I've seen a lot of stories about ⁓ a welder, ⁓ somebody else who left in twenty fifteen is now operating a hotel and is going to use the money from the IPO to help ⁓ pursue his dreams. And I saw ⁓ another woman, I think she was a mar ⁓ mariner ⁓ operator, like recovering ⁓ spaceship parts from the ocean. And shout out to those people. This is what we talk about when we talk about time in the market is better than market timing. For everyone who is trying to get in on the IPO, I mean it's up right now. I think last I checked it was up about $20 or $30, $30 something dollars from the from the start. I think it's a $165. 161 something around there from a 135 opening price. And that's great, but look at every other IPO. The stuff drops down, and the people who've been holding this stock since the 90s or you know 2010s or 2020s, those people, the stock could probably plummet. you know, down to a hundred or ⁓ or eighty and probably still be just fine at best believe they're going to take profit if they've been holding this for twenty plus years, ten plus years. ⁓ so shout out to them. I mean Elon becoming a trillionaire is I mean great. A lot of people think that he's a trillionaire. He he doesn't have a trillion dollars. He can just like he doesn't have access to these are these are a lot of this is trillionaire on paper, but it's still just like the fact that that someone has access to that much that many assets, that much money, it's just kind of bewildering to just imagine that one person kind of has that much like power. It's it's kinda like it's like people who still sit here and like defend these billionaires and now trillionaires saying, ⁓ they'll solve homelessness, they'll they'll solve hung bro, tax these people, bro. Like, like, like please stop bootlicking these corporations and these super ultra wealthy rich people thinking they're just gonna come down and just magically save you one day or just like like close the wealth gap. Like these people have to be taxed. Like it it's so ridiculous the way that they kind of like evade certain things, but but yeah, no.