I'd be dumping TSLA so hard right now if I owned any, has to be the world's most overvalued stock right?
There's always Trump Media & Technology Group Corp, ticker DJT.
$6.5 billion market cap. Annual revenue $4 million (that's an "m").
It's a social media company that doesn't reveal any usage numbers or other KPIs. The company's auditor was just revealed by the SEC to be a complete scam with 100% fraudulent audits.
So why would anyone buy this? Well, it's 65% owned by a presidential candidate in the current election. The same candidate is threatened by massive legal fees.
So if you're Saudi Arabia, you can easily afford to spend a billion dollars on technically worthless DJT stock, and it goes straight to the pockets of the politician who has a very good chance of winning the 2024 presidential election. And there's nothing illegal about this, apparently. (For prior art, see that time when Qatar paid $1B for a distressed New York property owned by this same president's son-in-law.)
[1]: https://companiesmarketcap.com/trump-media-technology-group/...
And actively pushing users to retain control over brokers of their shares.
https://www.marketwatch.com/story/trump-medias-fight-turns-t...
And they tout the free market. Bulls and Bears for thee, but not for me.
Traditional meme stocks (GameStop, Bed Bath and Beyond, AMC, arguably Tesla) have a large, poorly-run company attached, which is really extraneous to the stock's core purpose, that of ensnaring day-traders.
I mean, it's _possible_ the Trump one is driven by the bribery angle, but common things being common it may just be a very compelling meme stock, sharing as it does the name of a meme president.
But since the Twitter-Cybertruck era it seems things are cracking in too many places.
Overvalued? Certainly. "World's most overvalued stock"? Hardly.
ps: https://gizmodo.com/tesla-cybertruck-door-leaves-a-gash-in-o... (warning, fleshwound embeded images )
Genuinely not sure what to think of the stock market/index funds since that happened. I'd like to get some sort of compensation that is GREATER than my cost.
The government incentivizes retirement and investment. I have plenty of that thing the government hates because it doesnt produce value, it just stores value.
These bad actors have me thinking more and more about these non-producing assets that continue to grow because they are scare and necessary.
He broke the rules first. The indexes had to follow the rules.
I mean, the idealistic founding fathers might have thought this is how the world will work, but look at reality: Where do you see little guys actually suing the big guys? The damage needs to be so tremendous that you can afford a lawyer to spend years on it.
So anything less than 10 million dollars goes to the big power. The law says "No damages were done". Morally, damages were done to the masses and this billionaire got richer.
Its an organization issue. The damages were done and EVERYONE knows.
