Ian Ilett

[William Dalrymple @DalrympleWill]

"At least 13 killed in Israeli strikes on Gaza after Hamas agree disarmament deal"
https://t.co/ZlWPAMrbrT

[Carole Cadwalladr @carolecadwalla]

NEW: The Abramovich connection. How convicted money launderer George Cottrell - & close aide to Nigel Farage - ‘signed documents’ for one of Putin’s closest allies.

My latest for @thenerve_news
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[Amnesty UK @AmnestyUK]

For the first time ever in our country's history, a barrister is facing contempt proceedings over the content of their closing speech. It is seriously concerning and entirely disproportionate.

Rajiv Menon KC is facing up to two years in prison for the way he defended his client.

Even though the case was adjourned on Friday - the threat isn't over. This is only a delay and not an end to the proceedings against Rajiv Menon.

Barristers cannot fearlessly defend their clients while worrying that doing so will get them sent to prison.

The judge in the trial of the Palestine Action defendants issued a series of orders tightly restricting what could and couldn’t be put to the jury, something that is happening more and more in protest cases.

This is part of an ever-rising clampdown on people coming together to demonstrate, one of the most effective tools we have to hold our leaders to account. Prosecuting a defence barrister for contempt of court would mark a new low in the attacks on our right to protest.

[Unite For A Workers' Economy @UniteEconomy]

Today marks 40 years since Thatcher sold off British Gas.

Remember the “Tell Sid” campaign? Turns out Sid took us all for a ride.

Thatcher called it creating a share-owning democracy. In reality, it was selling off the family silver – public assets built by generations of working people, handed over so private companies could make billions.

Forty years on, British Gas and Centrica have made obscene profits, while millions of people have struggled to keep the heating on.

That’s what happens when you run essential public utilities for private profit instead of the public good.

Energy isn’t a luxury. It should be run in the interests of the people who rely on it, not shareholders looking for bigger dividends.

Enough is enough. Time to bring our energy system back into public hands.

#TellSid #PublicOwnership #WorkersEconomy #FuelPoverty

[Ian Ilett @IanIlett]

#Farage loses head over guillotine joke.

[William Dalrymple @DalrympleWill]

Says the greatest hate-monger & war criminal of our day
"Netanyahu accuses Mamdani of ‘fomenting hate’ in calls for PM’s arrest"
https://t.co/zsG573RKBW

[John McDonnell @johnmcdonnellMP]

Stand with Rajiv Menon KC: Four ways to challenge the unprecedented and draconian contempt proceedings – Labour Hub https://t.co/30G9QTXHrZ

[Richard Sanders @PulaRJS]

This - in a single graph - is why only rich people can afford houses.

[Faiza Shaheen @faizashaheen]

This is so outrageous. Absolute solidarity with Rajiv Menon KC
If Burnham is serious about making a break from Starmer, he needs to end all prosecutions of those that stood against the proscription of Palestine Action https://t.co/4d56Mshkq6

[Ian Ilett @IanIlett]

Trump administration to grant $12m to groups founded by UK conservatives Jacob Rees-Mogg and Toby Young | US foreign policy | The Guardian https://t.co/36ZK2tVUDF

[audrey White @RedRosa91940184]

A year ago today I was violently arrested dragged down stone steps painfully handcuffed roughly handled by a gang of thuggish police who managed knock my glasses to the pavement, expose the top half of my body, all of my bra and not one of them, man or woman did the decent thing to save me being exposed. I’m 75 now. I didn’t shout, struggle or give any sort of abuse or even disrespect the police. I was peacefully holding a piece of paper with words on- nothing more. I was held in a cell until 11.30 and effectively held under house arrest for weeks. I’m charged under the terrorism act. The court dates keep getting changed and we are a real problem. I feel a connection with the thousands of us who have done this - Im proud that we are fighting for our freedom of speech, our right to protest and against genocide. It’s not much but it’s the least we can do.

[THE NERVE @thenerve_news]

“Something fundamental has changed. Nigel Farage for the first time is looking vulnerable”

Nerve co-founder @carolecadwalla on her latest deep dive into George Cottrell

[audrey White @RedRosa91940184]

The fact that this barrister or any barrister is threatened with two years imprisonment for their summing up means that no one, literally no one, can expect a fair trial. When a KC has to watch every word he utters for fear of imprisonment and the loss of his livelihood then justice is denied to everyone. Please sign the petition and share it.

[Peter Oborne @OborneTweets]

Sir Keir Starmer misled MPs during his final PMQs last Wednesday. Corbyn's Labour Party was never found to be 'institutionally antisemitic'. Sir Keir needs to return to parliament and correct the record:
https://t.co/vKmdbG0Yj1

[Carole Cadwalladr @carolecadwalla]

NEW: A convicted money launderer has operated at the highest level of UK politics for a decade. Why? Because Farage has enjoyed almost total impunity from the UK press.

In my new piece for @thenerve_news, I expose the decade of denial that’s enabled him to act with impunity
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[Ian Ilett @IanIlett]

Top House Democrats vow to oppose bid to cut US military aid to Israel | US-Israel war on Iran | The Guardian https://t.co/KyKwfcqTgH

[John McDonnell @johnmcdonnellMP]

I raised again this week in the debate about the illegal & brutal expansion of Israeli settlements on the West Bank the cases of the disappearance by Israeli forces of Dr Mazen Al Rantisi & the continued imprisonment of Dr Husam Abu Sadiya, whose life we fear is now at risk.

[We Own It @We_OwnIt]

The last thing NHS patients need is just another corporate profiteering deal.

We don't have to accept this. Take action to stop this deal: https://t.co/fho9MrNKrx

[George Noble @gnoble79]

The largest IPO in history is also shaping up to be the largest exit liquidity operation in history

SpaceX went public at more than 90x revenue, and the insiders who bought in at a fraction of today's price are about to start selling their shares to you.

Let me walk you through why this IPO is built to separate retail investors from their money:

SpaceX has NEVER turned a profit and lost close to $5 billion last year.

At the offering you were paying more than 90x revenue and at the peak the market briefly valued it near 140x.

30 years ago the head of Sun Microsystems explained in detail why paying even 10x revenue almost always ends in tears, and he was right.

But listen closely, because the valuation is not even the real story.

The scarcity is what CREATED this valuation in the first place, and the calendar that kills the scarcity is what kills the price.

Less than 5% of SpaceX shares were actually available to trade at the IPO. Then the index committees REWROTE their own rules to fast track the stock into the Nasdaq 100 just 15 trading days after listing, which forced every passive fund and index ETF in the country to buy at the exact moment the float was at its tightest. The Nasdaq inclusion alone forced an estimated $4.3 billion of buying, and the Russell reweighting added roughly $3 billion more.

The supply was minuscule and the buying was mandatory. That's a manufactured squeeze, and it is why the stock went above $225 in its first week.

Now watch what happens next, because this is the part they ain't explaining to you:

The lockup was staggered on purpose, and the entire schedule is sitting in the prospectus for anyone who bothers to read it.

In early August, right after Q2 earnings, 20% of the locked shares come free. Another 10% unlocks early if the stock trades 30% above the $135 IPO price going into the report.

Then tranches of 7% hit the market at 70, 90, 105, 120 and 135 days after the IPO, which means fresh insider supply lands roughly every 2 to 3 weeks from late August through late October.

Q3 earnings triggers the single biggest release of all, another 28%, roughly 1.3 billion shares. On December 8 the 180 day lockup expires entirely. And on June 12, 2027 comes the final wave, when Musk's own 6.4 billion shares, 42% of the whole company, become sellable for the first time.

Add it all up and insiders could be free to sell as much as 44% of the company by early September, which would balloon the tradable float by roughly 900%.

All of that supply lands on a stock the company deliberately packed with retail, because SpaceX reserved close to 30% of the offering for individual investors vs the usual 10%.

This deal created over 4,400 paper millionaires inside the company. You think none of them are looking to cash out?

Early holders are already loading up on puts to lock in what they have.

First they keep the float tiny. Then they let the index rules force the world to buy at the top. Then they release a flood of insider stock into a crowd of retail buyers who were handed the shares up high.

When the price finally breaks the offering level, the people who got in years ago at pennies on today's dollar will hit the bid, and the exit liquidity is your retirement account.

And what are you actually left holding? Strip away the science fiction and the only business inside SpaceX that reliably earns money is Starlink, which produced $1.2 billion of operating income last quarter. A wonderful business worth hundreds of billions on its best day. NOT $2 trillion.

Serious fair value work lands around $30 a share.

Nobody has been a bigger bear on this deal than me. I called it out the moment it started trading, and it is already playing out on schedule as the shares have given back the entire squeeze and slipped below their opening print.

I was Peter Lynch's auto analyst back in 1981 and I have watched every disaster since, and I am telling you this is one of the great wealth transfers of my lifetime packed into a fancy narrative.

Tesla was the biggest misallocation of capital in the history of stock markets. SpaceX may have just surpassed it.

SPCX goes straight onto my short list, and the beauty of this setup is that the catalyst is not a guess or something, it is literally a PUBLISHED CALENDAR.

This is the most grossly overpriced stock at scale that I have ever seen.