This Billionaire has a big mouth

[glockman]

He's macham Trump, posting shit on Twitter all the time.

Bloomberg
Elon Musk loses US$15 billion in a day after Bitcoin warning

Tue, 23 February 2021, 2:13 pm·2-min read

Elon Musk is no longer the world’s richest person after Tesla shares slid 8.6% on Monday. (PHOTO: BRITTA PEDERSEN/POOL/AFP via Getty Images)

By Devon Pendleton

(Bloomberg) — Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping US$15.2 billion from his net worth.

Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favoured medium of Twitter — came two weeks after Tesla announced it added US$1.5 billion in Bitcoin to its balance sheet.

Musk also tweeted earlier Monday that the company’s Model Y Standard Range SUV would still be available “off the menu,” backing up reports from electric vehicle news site Electrek that the model had been removed from its online configurator.

Musk drops to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of US$183.4 billion — down from a peak of US$210 billion in January. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by US$3.7 billion to US$186.3 billion Monday.

The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off almost all of this year’s gain. Musk briefly overtook Bezos after his rocket company SpaceX raised US$850 million earlier this month, valuing the company at US$74 billion, a 60% jump from August.

Bezos occupied the top spot on the ranking for three straight years prior to January, when Musk eclipsed the e-commerce titan thanks to a 794% rally in Tesla shares.
The market selloff on Monday hit many of the world’s ultra-rich. Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by US$5.1 billion as his bottled-water company fell 4.5%. Colin Huang of Pinduoduo Inc., Reliance Industries Ltd.’s Mukesh Ambani and Tencent Holdings Ltd.’s Pony Ma all lost more than US$2.5 billion each.

© 2021 Bloomberg L.P.

https://sg.finance.yahoo.com/news/e...in-a-day-after-bitcoin-warning-034315203.html

 

[laksaboy]

Don't worry about it, Bitcoin could become worthless regardless of what he did.

The people who spent their life savings on Bitcoin might commit suicide.

 

[pvtpublic]

musk is spending too much time with the hack Joe rogan.

 

[syed putra]

There are actualky people whose full time job is to keep tabs on the net worth of such individuals.

 

[Scrooball (clone)]

Jack Ma's blunt words just cost him US$37 billion

At the opening of his speech, Mr Jack Ma admitted he was conflicted as to whether to attend the forum and speak up.PHOTO: AFP
Shuli Ren

• PUBLISHED
  NOV 4, 2020, 7:10 AM SGT

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HONG KONG (BLOOMBERG) - Jack Ma is a very busy man.
China's richest man has been busy launching the world's biggest IPO. He has been busy preparing for Alibaba Group Holding's grandest four-day Double Eleven shopping extravaganza. And yet two weeks ago, Ma somehow found the time to opine on China's banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm.

In that speech, apart from labeling the global banking Basel Accords as an "old people's club," Ma said "systemic risk" is not the issue in China. Rather, China's biggest risk is that it "lacks a financial ecosystem." Chinese banks are like "pawn shops", where collateral and guarantees are the hard currencies. As a result, some decided to go so big they are not allowed to fail. "As the Chinese like to say, if you borrow 100,000 yuan from the bank, you are a bit scared; if you borrow a million yuan, both you and the bank are a little nervous; but if you take a one billion yuan loan, you are not scared at all, the bank is," Ma said.

The consequences came this week. On Monday (Nov 2), Beijing's top financial watchdogs summoned Ma and dressed him down. Beijing also issued draft rules on online micro lending, stipulating stricter capital requirements and operational rules for some of Ant Group's consumer credit businesses. But the big shocker came on Tuesday night. The Shanghai Stock Exchange suspended Ant's listing on its Star board, citing Monday's meeting and subsequent regulatory changes. Ant then said in a filing it would suspend its Hong Kong IPO as well. The fintech giant was scheduled to start trading on Thursday. The news sparked a slide in Alibaba shares on Tuesday in New York, while dragging down other Chinese companies' US-listed stocks.

What Ma said was a bit sensational, perhaps. But he was right. China's bankers are so averse to extending credit to smaller borrowers that Beijing redefined "inclusive financing" to make its banks' loan books look prettier. In fact, it's been so difficult for small businesses to obtain bank credit in the last decade that they have become hard wired not to invest for the future. Here's the latest tidbit of evidence: In the third quarter, even as China's economy recovered and 86 per cent of 300 smaller manufacturers CLSA spoke to became profitable, most remained wary. A record-breaking 59 per cent of their capital expenses went into mere "regular maintenance," the brokerage found.

Ma's words were blunt, but these phrases, such as "pawn shops," are not his concoctions. Bureaucrats at the People's Bank of China, for instance, had used the same words themselves. So why is Ma being singled out?


Could it be that Ant is too profitable and is now being targeted? Ant is raising some US$37 billion (S$50.3 billion) in an IPO that attracted more than US$3 trillion of retail orders. Meanwhile, regional banks are still in the doghouse, struggling and sometimes being restructured because they lack capital buffers.
In the fast-growing consumer credit business, Ant is essentially a matchmaker while banks lend and put aside cash in case some loans go sour. Fintech giants are making much more than lenders, city commercial banks complained to local media.

Ant's vast consumer base appreciates its small loan offerings. But going forward, to appease its banks, Beijing may want to level the regulatory playing field. For instance, Ant may no longer operate just as a matchmaker and might be asked to keep 30 per cent of the loans on its balance sheet, compared with only about 2 per cent now. That should have been no problem because Ant's IPO would have brought in billions of dollars of capital for loan provisions.

MORE ON THIS TOPIC
China slams the brakes on Ant Group's record US$37 billion IPO
Jack Ma gets warning from China on Ant's rapid expansion
In its statement, the Shanghai exchange cited the changing regulatory landscape as one reason Ant no longer qualified for a listing. But in reality, nothing has changed. Since 2017, Beijing's watchdogs have been debating whether to allow online micro lenders to take a simple loan facilitation model or require them to put away loan provisions. This new draft rule is just a continuation of the debate.
At the opening of his speech, Ma admitted he was conflicted as to whether to attend the forum and speak up. Now he probably regrets it. But here's the thing: If China is serious about financial innovation, "inclusive financing" or the digital yuan, let the man who pioneered the business and made billions along the way share his experiences and thoughts. If Ma says systemic risk is not China's Achilles' heel, hear him out. He knows where the real problem is and could be part of the solution.

 

[glockman]

musk is spending too much time with the hack Joe rogan.

And smoking pot.

 

[Rogue Trader]

These billionaires are feeling guilty they have been making so much while the rest of the world is reeling from the pandemic. Lose a few billions on paper is nothing as long as their businesses are still operating

 

[glockman]

These billionaires are feeling guilty they have been making so much while the rest of the world is reeling from the pandemic. Lose a few billions on paper is nothing as long as their businesses are still operating

Doubt they feel any guilt. They know they are market movers, but still like to fire from the hip. Then all of us little guys suffer. But as long as don't sell, we have not lost. HODL!

 

[Scrooball (clone)]

Please la.... the billionaires are not going to bed thinking of paper loss. Its a matter of ego.

 

[laksaboy]

For Jack Ma, I think his main concern now is to stay alive. Money is less important to him now.

If he's not careful, he could end up as the next Wang Jian.

https://en.wikipedia.org/wiki/Wang_Jian_(businessman)

 

[pvtpublic]

Doubt they feel any guilt. They know they are market movers, but still like to fire from the hip. Then all of us little guys suffer. But as long as don't sell, we have not lost. HODL!

what are u hodling onto bro? hope not GME

 

[glockman]

what are u hodling onto bro? hope not GME

Not GME lah, it's only heading one direction, south! Got tesla and a few cryptos. And I got in quite late, so I am very fluctuation sensitive. Got to keep hodling

 

[pvtpublic]

tesla can hodl la. I also hodl together with you.

crypto I don't know leh, seems like something big is afoot. Yellen and the high wizards of finance all seem to be against it while the billionaire techies are throwing their weight behind it.

it's a battle of the regulators vs free markets. due to the prevailing AML climate, I think the regulators may win out in the medium term (2-5 years) while short and long terms go to crypto imo.

 

[sweetiepie]

He's macham Trump, posting shit on Twitter all the time.

Bloomberg
Elon Musk loses US$15 billion in a day after Bitcoin warning

Tue, 23 February 2021, 2:13 pm·2-min read

Elon Musk is no longer the world’s richest person after Tesla shares slid 8.6% on Monday. (PHOTO: BRITTA PEDERSEN/POOL/AFP via Getty Images)

By Devon Pendleton

(Bloomberg) — Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping US$15.2 billion from his net worth.

Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favoured medium of Twitter — came two weeks after Tesla announced it added US$1.5 billion in Bitcoin to its balance sheet.

Musk also tweeted earlier Monday that the company’s Model Y Standard Range SUV would still be available “off the menu,” backing up reports from electric vehicle news site Electrek that the model had been removed from its online configurator.

Musk drops to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of US$183.4 billion — down from a peak of US$210 billion in January. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by US$3.7 billion to US$186.3 billion Monday.

The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off almost all of this year’s gain. Musk briefly overtook Bezos after his rocket company SpaceX raised US$850 million earlier this month, valuing the company at US$74 billion, a 60% jump from August.

Bezos occupied the top spot on the ranking for three straight years prior to January, when Musk eclipsed the e-commerce titan thanks to a 794% rally in Tesla shares.
The market selloff on Monday hit many of the world’s ultra-rich. Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by US$5.1 billion as his bottled-water company fell 4.5%. Colin Huang of Pinduoduo Inc., Reliance Industries Ltd.’s Mukesh Ambani and Tencent Holdings Ltd.’s Pony Ma all lost more than US$2.5 billion each.

© 2021 Bloomberg L.P.

https://sg.finance.yahoo.com/news/e...in-a-day-after-bitcoin-warning-034315203.html

KNN in this case is @ginfreely still thinking same as him ?KNN

https://www.sammyboy.com/threads/elon-musk-is-thinking-the-same-as-me.290074/post-3192786

 

[glockman]

KNN in this case is @ginfreely still thinking same as him ?KNN

https://www.sammyboy.com/threads/elon-musk-is-thinking-the-same-as-me.290074/post-3192786

They are same in that they both post shit on twitter

 

[glockman]

tesla can hodl la. I also hodl together with you.

crypto I don't know leh, seems like something big is afoot. Yellen and the high wizards of finance all seem to be against it while the billionaire techies are throwing their weight behind it.

it's a battle of the regulators vs free markets. due to the prevailing AML climate, I think the regulators may win out in the medium term (2-5 years) while short and long terms go to crypto imo.

Also young billionaire investors vs old money. Both the old and the establishment are anti crypto because it goes against their sensibilities, not written in their playbook, and robs them of the control and "predictability" they are so used to. I know seasoned investors who would not touch tesla and crypto. One even told me she'll never support crypto because bad people get paid with it after doing bad things (yeah, and also money laundering). I am not rich enough to be so moralistic, so show me the goddamn money! Short and long term? I hope you are right. Gimme the money!

 

[pvtpublic]

Also young billionaire investors vs old money. Both the old and the establishment are anti crypto because it goes against their sensibilities, not written in their playbook, and robs them of the control and "predictability" they are so used to. I know seasoned investors who would not touch tesla and crypto. One even told me she'll never support crypto because bad people get paid with it after doing bad things (yeah, and also money laundering). I am not rich enough to be so moralistic, so show me the goddamn money! Short and long term? I hope you are right. Gimme the money!

may u huat big big. btc to 100,000!

 

[Scrooball (clone)]

Not GME lah, it's only heading one direction, south! Got tesla and a few cryptos. And I got in quite late, so I am very fluctuation sensitive. Got to keep hodling

U wish u were holding GME yesterday... haha

 

[glockman]

U wish u were holding GME yesterday... haha
View attachment 104537

Wow another pump!