alt Hacker NewsRemember this was also when SpaceX was actually about space, instead of mostly AI and Twitter. Long-term shareholders that were sold on the space, have to be thinking about how to get out once their lockups expire.
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I don't think companies expanding their business should be the only reason to sell. Apple was a desktop and laptop computer company when they released the iPod. Nokia was a company making rubber products when they started making cellular equipment in the 1970s. Amazon was a ecomm company when they released AWS. Etc.
Sure, I'm cherrypicking the success stories but I don't think it's the only signal people should use.
It also seems to me to be a very odd conflict of interest given that they must see themselves as primary competitors in the AI space.
Seems similar to me as when Eric Schmidt resigned from the Apple board many years back because their products started to overlap, especially mobile.
I think those long-term holders who 10x their investment are quite happy with that investment so far.
SpaceX is WAY more about space than Twitter.
Twitter by itself is lucky to be worth $15B anymore.
The space portion of SpaceX is easily worth 10x that.
xAI is theoretically the hype machine that makes up the remainder of the value.
Yes I'm sure they are just desperate to get out of their 100x investment.
A huge mistake, I'm sure the relevant parties have been punished appropriately.
SpaceX, like Tesla, has always been about Elon Musk.
Investors are buying Musk, like they were buying Warren Buffett with Berkshire Hathaway. Long-term shareholders are not buying space; they are buying Musk. This has been clear to everyone since the beginning; it has been well communicated (look at SpaceX governance rules in Texas), and there is nothing mystical about it.
It's very likely Musk will roll everything up into a single Musk conglomerate.
Well X is at the end of the name, so first is about Space, then about X, right?
/s
Not just that, but private investors were sold shares that all had the same voting rights. Since just before the IPO SpaceX now has dual class shares, Elon and a few insiders have class-B shares with 10x the voting power, while everybody else (including private investors) have class-A shares with 1x the voting power