"Elon Musk has never ever run a company that turned a profit on its own merits"

 or 

Why You Should Be Getting Ready For A 1928 Size Or Bigger Crash And A Real Fascist Takeover 

I have taken the liberty or opportunity to do one of my quick and dirty editings of part of the machine generated transcript of this Youtube of Max from UNFTR and one of his not simple but comprehensible explanations of the financial swindles of the tech-bros and other members of the Epstein class.  First, here's the video:

And here's the section I edited with some comments.

Now look at the mission statement. SpaceX says it intends to build the systems and technologies necessary to make life multiplanetary to understand understand the true nature of the universe and to extend the light of consciousness to the stars. 

That's not paraphrasing. That is literally the company's mission statement. And 93% of its projected revenue is supposed to come from AI and orbital data centers that don't exist. and probably will never because science. 

If your bullshit meter isn't all the way straight to the highest measure over that, you should consider getting a new one.  

The wildly optimistic, I would add certainly self-interested space agency presentation of the prospect of a human body being able to stand a trip to Mars is based on what looks to me on extremely dodgy scientific assumptions even when you take into account the extremely unlikely prospect of the fittest human beings being able to survive such an attempted trip to just the very nearest planet in the solar system.  Not to mention a return trip and the prospect of a human body long living on a planet of such low gravity and such unearthlike conditions.   I would put most of what is presented to the investing public in that regard is most realistically and honestly considered to be science fiction.   And I don't mean informed science fiction of the kind that I've been disgusted that so many real scientists are big fans of.   I mean the movie and video game junk.   You can read through the paper at the link,  I'd recommend not taking the mathematical speculations too seriously and note how much of that estimate is based in anything other than already known and widely agreed on physics and biology.  The space agencies and its parasitic private corporate entities are quite capable of presenting total bullshit to the public in order to sucker the Congress into giving them money and corrupting the legal bases under which they operate and get funding. 

I will, almost certainly, go into a diatribe at the danger of having an extremely stupid, ignorant and credulous ruling class who don't read non-fiction or even good fiction but watch shit like the kind I slammed here earlier in the week.  And that rot certainly extends well into what passes as our intellectuals.    The best sci-fi in cheap ink on cheap paper is light entertainment, the best of it doesn't rise above that, I mean the Le Guin level of it, no matter what second-rate academics who are at a loss for what to write papers about claim about it.   

NOTE WELL before proceeding, public funding is, in the end, what this is all based in because, as noted in the last words excerpted here point out,  Elon Musk as so many other tech-bro-Epstein class level billionaires and the mere millionaires who are parasites of that history making grift, are mostly good at corrupting governments into shoveling money their way and rigging the regulation in their favor through dirty money. 

So, their own perspectus says, and I'm going to read this directly here, quote, 

" Several of our anticipated market opportunities, including certain AI, orbital, lunar, and interplanetary, transportation, and industrial activities are still emerging and evolving or do not currently exist."

And such markets may not develop as we expect or at all. I mean, such markets don't exist, and they might never. But here's where it gets criminal, at least in spirit, if not law. 

This IPO would never have gotten off the ground under normal regulatory conditions, because the SEC under the leadership of the administration that Elon helped install just looked the other way while two sets of rules were quietly rewritten. The first one, the NASDAQ changed its bylaws. So, conveniently timed for the SpaceX June listing, in May, NASDAQ enacted what it calls a fast entry rule.

Note this:  

NASDAQ changed its bylaws. So, conveniently timed for the SpaceX June listing, in May, NASDAQ enacted what it calls a fast entry rule.

So, under the old rules, a company had to season for at least three months before joining the NASDAQ 100. Most cases, it was up to a year, and it needed a minimum 10% public float, meaning 10% of the shares had to be available to the public. Under the new rules, top 40 companies by market cap can just enter the index in 15 trading days and that float minimum totally eliminated. So SpaceX floated about 5% of its total shares which was an artificially very thin slice designed to create scarcity to drive up the price. 

Now under the old rules, it could never have entered any major index. So NASDAQ literally rewrote the rules so SpaceX could get in. And this is hugely important. See, Musk made early NASDAQ 100  inclusion a condition of his listing there. So, they had to do it and they complied. They didn't have to do it. They just complied. Okay. 

They didn't HAVE TO DO IT.  They just complied!  That is if they wanted this con job to be listed there,  if THEY wanted to be in on the con,  they had to do it.    

So, you might be thinking, "This is just Wall Street nonsense. Why is this important to me?" I'll tell you. It means that every ETF, every index mutual fund, every passively managed retirement portfolio that tracks the NASDAQ 100 is now required to hold SpaceX without choice. 

Notice this, that your mutual fund or retirement might be tied to this without you even knowing that.   This is what happens when you trust them,  under US law,  under our Constitutional system as defined by the Supreme Court and as a Congress and executive produced by the regime of lies and money-corruption in our politics which the line of Supreme Court rulings I rail about regularly, permitted AFTER THE POST-WATERGATE CLEAN ELECTION LAWS WERE EVISCERATED IN THE NAME OF THE "FIRST AMENDMENT."    That absolute fact that this is ultimately a product of the corruption of our elections allowed by Buckley v Valeo and its progeny is about to become the dominant issue in this analysis.   The corruption that the Supreme Court allowed by knocking down that 1970s bipartisan effort to clean dirty money out of our politics has produced this. 

So, if you have a 401k that includes an index fund with any exposure to the NASDAQ, congrats, you are an investor in SpaceX, whether you know it or not or want to be. Passive flows into the deal were estimated to be nearly $50 billion. Now, the second issue is the lockup period. Standard IPO lockups keep insiders from selling for at least 180 days. The idea being that executives and early investors have to live by the company's performance instead of cashing out as soon as they go public. SpaceX used a staggered lockup schedule. 

So most early investors like sovereign wealth funds from the Middle East, members of the so-called PayPal mafia can begin selling 20% of their stakes at the first quarterly earnings call, which is right around the corner. Now, Elon's lockup is longer, but early investor exit liquidity was essentially baked in from day one. They changed the rules and the SEC allowed it because this is Trump's SEC. 

The whole thing is probably going to be a pump and dump, and it's not the only "AI" IPO that is happening right now.   I think there are at least two others if not more. 

This almost certainly would not have happened if Joe Biden or Kamala Harris was president right now.  Remember that when the crash comes, as it will.    I don't hold any stock but I'm taking my meager savings out of anything except an insured savings account because I have no idea if that would be secure but I do know that it's in the bankers' interest that people still deposit money into their banks. 

Now, let's talk about what we've actually done here. Because beyond the IPO mechanics, beyond the accounting tricks and the rule changes and this bizarre mission statement about extending the light of consciousness to the stars, we've handed one guy an unlimited war chest. And look what he did the last time. He had a pretty sizable one. He contributed $200 million more to the 2024 election. And analysts have subsequently determined that it was about roughly 115,000 votes in key swing states that determined that outcome. So did his money make a difference? You tell me. But here's the scale. 200 million today represents 2000s of 1% of his net worth. What are we doing? With the capital raised in this IPO, Musk can acquire dozens scores, maybe hundreds of other companies. He can buy his way into AI dominance even if he never builds a data center in orbit. He can own and reshape entire industries. 

We've already seen what his vision of AI looks like, though. It's Grock. It's unsaavory and it's unstable. But we've given him the means to own the whole board. And so, let's be really clear about something. Elon Musk has never ever run a company that turned a profit on its own merits.

I've been trying to warn my loved ones who invest money in stocks and market funds and the like to get out of it while the getting is still possible, in every case to no avail.  Their brokers can talk a good line.   But I've got to try.