Elon Musk, Tesla's founder, sent out a tweet claiming that he is considering taking Tesla Private. He said he had already secured funding. He made sure to put the second statement in I am sure to get by SEC rules. But that one tweet set off a chain of events that prove the fragility and the shallowness of our economic system based on, a gambling game.
Elon Musk's tweet that created turmoil for Tesla's stock
Elon Musk's tweet and the resulting financial results should dispel any notion that the stock market is anything but a legalized gambling platform. Nothing changed at the company to justify the change in the value of the stock assuming it was based on anything other than a whim. Yet a tweet lost a lot of wealth for many as it made a lot for others. That is the definition of gambling, losing or winning cash without producing anything.
Many vultures shorted Tesla stock. Elon Musk one tweet cost them $1.3 billion in just a few hours. These guys produce nothing as they make millions on the service and innovation of others. Elon Musk turned the table on them yesterday as he pulled the rug from under them. Many think it is a bluff. But if it is not, the vultures would have justifiably lost their shirt as the price of the stock approaches the supposed purchase price to take Tesla private.