But you can actually do that, it’s how the collectible market and other worthless trash like NFTs inflate value.
Someone buying at the inflated value makes others think it’s actually worth that and might convince them to buy as well. The “sale” is part of the con, as the conman passes money from his right hand to his left and calls it demand.
He didnt buy, he would have sold a portion of his own stock to bag holders. My guess is that he sold a portion of his stock through shell companies if he was at all worried about rules. He knew the whole thing was a scam. He knew the trillionaire thing wouldn’t last, but he knew that the valuation would be high to start, because all big IPOs start overvalued before settling back to something more reasonable. Which is why they relaxed the rules for early investors to be able to sell right away. So again, he sold at the peak, and immediately turned around and bought some other more stable stock.
I agree with the gist, and I’m probably dumb but how would he both sell high and sell to himself?
Not “to himself” sold a bit himself.
But you can actually do that, it’s how the collectible market and other worthless trash like NFTs inflate value.
Someone buying at the inflated value makes others think it’s actually worth that and might convince them to buy as well. The “sale” is part of the con, as the conman passes money from his right hand to his left and calls it demand.
Oh see I knew I was being dumb, I misread.
He didnt buy, he would have sold a portion of his own stock to bag holders. My guess is that he sold a portion of his stock through shell companies if he was at all worried about rules. He knew the whole thing was a scam. He knew the trillionaire thing wouldn’t last, but he knew that the valuation would be high to start, because all big IPOs start overvalued before settling back to something more reasonable. Which is why they relaxed the rules for early investors to be able to sell right away. So again, he sold at the peak, and immediately turned around and bought some other more stable stock.
My bad, I misread.