The tech pay bubble popped 18 months ago.
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Doesn’t sound like the FAANG above would miss that person much.
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This guy sounds pretty entrenched, but when is his bubble set to burst?
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It probably won’t. And if it does they’ll still be able to make stupid money.
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Free link
Warner Bros. Discovery Lost Money Last Year. Its CEO Got a $50 Million Payday.
Much of David Zaslav’s compensation was tied to free cash flow, which soared amid cost-cutting efforts
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That guy is gonna go down in history
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Still pales mightily in comparison to noted fucking nazi Elmo Tusk asking to have his $56 BILLION pay package reinstated the day after laying off 14k people, as his company’s stock is down 40% ytd and is steady drilling (basically every tick is a new 52-week low).
And he’s a mortal lock to get it because his numbnut sycophants are worse than Trump supporters.
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I wouldn’t be so certain Musk gets his pay. I’d bet lots of the institutional holders vote no. Will also be interesting how all the ETFs and funds managers vote.
If that tweet I posted above is true then it’s all but a done deal. T Rowe Price wrote a letter in support of it! Good lord
I guess sadly that makes sense. It’s not their money, and there is probably value to staying on Musk’s good side.
Longs, at least the ones who don’t exist to cup Elon’s balls, are nevertheless convinced that the stock’s (over) value is because of Elon. Maybe there is truth to that? There’s no way to measure it objectively at this point. I’d say there is a fair amount of evidence piling up that 2024 Elon is doing more harm to the brand/stock than good, though.
Like, if you peruse one of the pro-Elon or pro-Tesla Reddit subs, there’s a strong undercurrent of the same shit you see on Xitter. Those people love his crazy silly Nazi-lite ways, and praise him for “saving” Twitter and Free Speech and what have you. And those same people seem to love Trump and hate Biden. They remain blissfully unaware that Biden, not Trump, pushed for EV tax credits, and that their hero is actively, tweet by insufferable tweet, alienating the very people to whom his company is trying to sell these EVs. So they’ve (some anyway) managed to convince themselves that “wokeness” is why the stock is shitting the bed. Nahhh nope, it’s the CEO. And a lot of promises he’s made that have not come to fruition. No one (at least on Wall St) is buying into his BS anymore.
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It’s only worth 9 Hondas because of captain nazi. But it’s not like he’s gonna quit if he doesn’t get another 50 billion dollars, he’s already the largest shareholder. Also it’s pretty clear the less time he spends trying to run Tesla the better for Tesla
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Yeah, this. But I think it’s an interesting question when to cut bait with him. At 4 Hondas? 1 Honda?
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How would they do that anyway? He owns a huge stake and has cronies on the board.
If he sells off his stake all shareholders are really fucked. It’s an interesting question at what point does he get a collateral call for the shares he borrowed against? If that happens, how do the banks offload those without cratering the stock?
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This week’s Money Stuff was fascinating.
Basically Jane Street Capital did a huge backtest and research project and uncovered a very lucrative trading strategy that was “Highly Counterintuitive to all traders”
2 guys left Jane Street soon after and implemented the strategy at Millennium Capital. Jane Street is suing them and Millennium claiming that they stole proprietary information and technology.
I’m obviously very curious what the strategy was, but it’s also a huge grey area between stealing trading software and “At Jane Street we noticed puts were cheap on Tuesdays, so at my new firm I told them that puts were cheap on Tuesdays”
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Yeah, this has been very interesting to follow, and I hope Levine continues to cover it in the newsletter. (There’s been more detail in the newsletter than there was in the podcast.)
Recent reporting is that the strategy relates to some aspect of Indian derivatives markets. (I think this was accidentally revealed in court.)
Also, today I learned there is an IndianStreetBets subreddit.
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The podcast has been a great companion to the newsletter for me! I don’t have the time to read every day and because of that I usually just overlook the email. Now I can get an idea of a topic that interests me and then go read a little more.
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What’s with S&P futures being up nearly every morning for the last week, but then the market opens, and every day, the market retreats? What would be the layman explanation for that (if there is one).
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Algorithms need tweaking.
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