We Could Do an “Anti-Pep Talk” Pretty Easily These Days.
Elon Musk was on trial a few weeks back in LA, for claiming on multiple occasions that British spelunker Vernon Unsworth is a "pedo guy" (he’s not). He was sued and "acquitted" for defamation.
Had this been in the UK, Musk would have lost in a heartbeat. In the US you have to show “deliberate intent to harm”; murky when there is so much runaway loose talk, First Amendment issues and more. The UK requires you show there is some degree of “accuracy” regarding such a public outburst, to mount a defense.
Musk is “worth” $25 billion but claims he’s “essentially broke.”
Tesla, Musk’s company, has had a few good quarters, but has lost over $10 billion in cumulative negative cash flow over the past decade and lost a billion dollars last year. Investors continue to plow in money on strangely fevered assumptions.
Founder of Snapchat is worth more than $3 billion, but the company has lost billions, and never generated positive cash flow in a single year. There’s a new term: BINO (Billionaire in Name Only)…”unicorns”, the billion-dollar valued start-ups, are too often like carnival unicorns, donkeys with a fake horn, or the ever popular “bearded” lady.
A banana duck-taped to a wall as “art” went for $125,000 in Miami recently.
When and how will the circus come to an end? Such “madness” always reaches a tipping point. So, enjoy the ride if riding these waves. But keep a few anchors handy…delusions can’t outrun sanity forever.