The Week: Elon Musk Becomes the World's First Trillionaire
Scott Galloway and guests break down SpaceX's $2 trillion IPO, OpenAI's $21 billion loss, and whether markets are in a speculative bubble similar to 1999.
The gist
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Galloway argues SpaceX's post-IPO rally was engineered: only 5% of shares were issued, forcing $20 to $50 billion in automatic index-tracking demand.
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SpaceX trades at 112x trailing revenue versus Google's 10x at its IPO, and the Shiller PE ratio is above 40, last seen in 1999.
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OpenAI lost $21 billion last year despite $13 billion in revenue, spending $5.7 billion on sales and marketing alone.
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Galloway says every major tech bubble, from railroads to the internet, ended in a crash, and investors should not assume prices only go up.
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1:11
NASDAQ
· "Musk threatened not to go public on the NASDAQ unless they waived the 12-month requirements for him to be..."
6:26
Shiller PE Ratio
· "The Shiller PE ratio, a measure of how expensive stocks are relative to long-term earnings, now sits above..."
10:03
Raging Moderates
· "On Raging Moderates this week, Scott and Jessica Tarlov discuss."
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