#我的Gate交易时刻

Nobel laureat drops a bombshell: Elon Musk, a human Ponzi scheme.

SpaceX listing on NASDAQ made Musk the world's first trillionaire, sparking a frenzy in the capital markets. But Nobel Economics Prize winner Krugman directly poured cold water, sharply pointing out: Musk's capital myth is essentially a human Ponzi scheme, completely shattering his long-standing genius filter.

Krugman clarifies the core logic: Musk's business success has never been based on solid profits, but is a self-fulfilling faith loop. The market blindly idolizes his genius persona, wildly buying shares of his companies, pushing up stock prices and valuations; and the soaring market cap in turn endorses his business ability, attracting more investors to join. This cycle of new capital funding old capital is identical to the core logic of a Ponzi scheme.

Looking at Musk's capital operations, it's all skillful financial sleight of hand, not technological implementation and monetization. Previously, he acquired Twitter and renamed it X; after some operations, the asset value plummeted. To revitalize bad assets, he first merged X into XAI, but XAI's large model lacks core competitiveness and cannot sustain the valuation. Ultimately, he bundled X and XAI into SpaceX, completing a full cash-out through the listing, perfectly resolving the asset crisis.

This time, SpaceX's IPO is even more straightforward in its capital extraction intent. The platform deliberately increased retail shareholder holdings to 30%, and changed NASDAQ index rules to include companies in just 15 days, forcing a large number of ordinary people's pension funds to passively buy in. The shocking data further illustrates the bubble: SpaceX's valuation approaches $2 trillion, but annual revenue is only $18.7 billion, and it remains in continuous loss, with valuation severely disconnected from actual revenue.

From social media to artificial intelligence, and then to space exploration, Musk keeps throwing out grand narratives like Mars colonization and interstellar exploration, continuously creating dreams and storytelling for the market. But beneath the layers of technological packaging, there is no stable profit model, no tangible incremental value, only a continuous influx of new investors taking over early entrants.

Some also say Musk is the American version of Xu Pidai.

SpaceX is Musk's last capital trump card. As the halo gradually fades, the bubble has long surpassed real value. How long can this faith-supported capital game last? This nationwide dream-making scam will eventually come to an end. What do you think?