parallax

Libertarian-leaning with a penchant for breaking market news.

[parallax @goparallax]

@Hedgeye at first i thought this was a @KobeissiLetter post….then realized the chart was actually scaled appropriately

[The Babylon Bee @TheBabylonBee]

Dodgers Acquire Kal-El Of Krypton https://t.co/t2t0RQV8Az

[parallax @goparallax]

@XFreeze @elonmusk grok hallucinations are getting worse and worse

[parallax @goparallax]

@Forbes people are so ignorant. free loans for everyone has done nothing but inflate the price of education …. which the educators love of course

[parallax @goparallax]

@yacineMTB bc the operating system bog offsets at least as much or more than any potential cpu advancements.

[Reflection🪩 @0xReflection]

Michael Saylor is about to become the first man in history to watch his stock go -99%, twice

[parallax @goparallax]

@DeItaone 🙄

[OddStats @OddStats]

Lord Pretty Flacko here wanted to know
-Max drawdowns
-On Mondays
-Following those terrible NASDAQ Fridays

So I added the column in the middle.

Oof.

[parallax @goparallax]

@OddStats oh nice. sorry the other post was all that ended up in my feed

[parallax @goparallax]

@Kalshi dollar expected to 0.2x by 2040

[Douglas A. Boneparth @dougboneparth]

BREAKING: Stocks crash to levels not seen since 2 weeks ago.

[parallax @goparallax]

@DeItaone this took so long why?

[shah @shahh]

Why would anyone buy Crypto right now when stocks are actively doing this?

[Muskonomy @muskonomy]

NEWS: Elon Musk locked up 100% of his SpaceX shares for 366 days, with no early release.

Other large shareholders are locked up until SpaceX reports its results for the quarter ending June 30, 2027.

Together, the locked shares represent more than 60% of the company.

Most remaining shares are locked for 180 days.

Very little stock can hit the open market in year one.

[Andrew Benson @AndrewBenson]

SpaceX millionaires 4,000 x $1mil , 400 x $100 mil

Every employee who joined before the first succesful launch made (unless they sold early) more than $100 million.

SpaceX lists June 12 at ~$1.75T.

Work backward from the cap table. At $1.75T, clearing $100M takes ~0.0057% of the company.

- 2002–2008, first ~500 in: joined at a ~$50M company. Held to $1.75T = a 17,000x. The core of the club — maybe 150–250 left holding

- September 2008, SpaceX has first successful launch

- 2010–2016: joined at $1B–$10B. Needs a senior grant — directors, principal engineers, early Starlink. ~100–200

- C-suite + board: Shotwell, Johnsen past $1B. A layer of SVPs below them clears $100M on equity, not salary. ~20–40

- Post-2016: joined at $20B–$350B. To hit $100M you'd have needed ~0.4% of the company. Impossible for an employee. This is the millionaire tier — almost none reach $100M

The tally:
~400–500 at $100M+
A few dozen above $500M
A handful of billionaires past Musk

Same building. Same mission. Two orders of magnitude apart — set entirely by what year you walked in.

Early isn't a strategy. It's a date stamp.

[The Babylon Bee @TheBabylonBee]

"We've agreed on everything except for the peace part and everything else."

[Heidi @blockchainchick]

The SpaceX IPO is the most brazen retail fleecing in modern market history.

NASDAQ has REWRITTEN the index rules specifically for this listing. The 10% minimum free float requirement: gone. The 3 to 12 month seasoning period before index inclusion: cut to 15 trading days. Companies with small floats can now be weighted at 3x their actual float.

Translation: every passive index fund, every 401k, every pension is about to be force-fed SPCX whether they want it or not.

And what exactly are they buying?

Class A shares carrying ONE vote each, while Musk holds 93.6% of the Class B super voting shares at TEN votes each. That gives him 85.1% of voting power on a 42% economic interest. He cannot be outvoted. He cannot be removed. CEO, CTO and board chairman simultaneously.

For reference: Zuckerberg controls 61% of Meta. Buffett 35% of Berkshire. Musk: 85.1%.

SpaceX is also claiming "controlled company" status, exempting it from needing a majority of independent directors. Shareholders waive the right to a jury trial. They waive the right to class actions. Mandatory arbitration only, courtesy of an SEC rule change pushed through on a party line vote last September.

$1.75 trillion valuation. $80 billion raise. Largest IPO in history.

The rules of the game were quietly rewritten so one man could extract maximum capital from retail while answering to no one.

[parallax @goparallax]

@DeItaone lucy 🏈