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Ras Kapital
81.1K posts
Ras Kapital
@bugimane
drunken master baiter | bighead scientist
Wokekanda Katılım Kasım 2021
6.6K Takip Edilen1.2K Takipçiler
Ras Kapital retweetledi
🚨 Stock valuations have drifted beyond the edge of the financial solar system.
The S&P 500’s dividend yield is sitting near its 2000 extreme at just 1.06%, while the S&P 400 Industrials’ price-to-book ratio has reached an all-time high of 8.02.
In other words: investors are paying record prices for historically low returns.
Is this the most dangerous market in history? ow.ly/OcVm50Z2Rjy
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Ras Kapital retweetledi
Great to see Bezos keeps bringing up his own massive tax avoidance. Keep digging! This travesty needs a real public debate. Here's the smoking gun, from @gabriel_zucman and his team:
x.com/gabriel_zucman…
Jeff Bezos@JeffBezos
Please do a quick read of this. It’s short, well written, and will remove a bit of wool from over your eyes.
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Ras Kapital retweetledi
This @HedgieMarkets post illustrates where the infinity scalable asset-light technology model meets the physical realities of an asset-heavy business that faces an upward sloping supply curve.
We have long argued that AI compute is just another bit-atom commodity (like crypto) that uses a lot natural resources to create a valuable (unlike crypto) virtual asset.
On the bit side, Big Tech is a price-maker with fat margins. On the atom side, a price-taker.
Big Tech grew up in bits — search, social, e-commerce, office software: asset-light, infinitely scalable, natural monopolies. Build once, serve billions, watch costs fall every year. So they assume AI is the same game and will spend whatever it takes to own the market.
But inference is also atoms, i.e. land, critical minerals and electrons, which are mostly molecules. In the commodity world, competition drives price to marginal cost: P = MC, which is upward sloping as volume rises. The better the models get, the faster they compete their own margins down to the physical floor which rises with volume.
You can already see it. Microsoft just cancelled Claude Code because the cost to run it exceeded the value it returned — demand retreating the moment price met real cost. The irony: the customer pulling back was itself a hyperscaler. In April, Uber confirmed once again that AI compute demand is price elastic.
Bottom line: they assumed AI costs would keep falling like they always did on the bit side; however, on the atom side, there is a hard floor that likely rises in the short run.
I am not denying that the margins are still fat. But it’s not the same model. These guys are running towards obsolescing their own pricing power. Why did Rockefeller stop at the gas station and not vertically integrate into cars?
Hedgie@HedgieMarkets
🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just four months. American AI software prices have jumped 20% to 37%, and GitHub (owned by Microsoft) is dropping flat-rate plans for usage-based billing across its products. My Take The AI subsidy era is ending in real time. The same company that put $13 billion into OpenAI and built the Azure infrastructure powering most of Anthropic's compute just looked at the bill from a competitor's coding tool and decided it was not worth paying. That is not a productivity failure on Anthropic's end. Token-based pricing is forcing every enterprise customer to confront the actual cost of running these models at scale, and the number turns out to be far higher than the flat-rate experiments suggested. This ties directly to my Gemini Flash post yesterday. Anthropic, OpenAI, and Google all raised effective prices in the last six months. Enterprises that built workflows assuming AI costs would keep falling are now watching annual budgets evaporate in months. Two outcomes look likely from here. Either enterprises scale back AI usage to fit budgets, which slows the revenue ramp the labs need to justify their valuations ahead of IPOs, or the labs cut prices and absorb the losses, which makes the unit economics worse at exactly the wrong moment. Both paths land in the same place, the numbers stop working, and somebody has to take the writedown. Hedgie🤗
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Ras Kapital retweetledi
In this case, Bezos is actually correct, but only because Jeff Bezos pays almost zero taxes.
Because he pays himself almost no salary, and borrows against his massive amounts of stock for income, his effective tax rate is almost zero, and as we know, doubling zero is zero.
Jacobin@jacobin
Billionaire Jeff Bezos says redistributing his wealth “won’t help.” “You could double the taxes that I pay, and it’s not going to help that teacher in Queens. I promise you.”
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Ras Kapital retweetledi
Something deeply uncomfortable is happening to the Nasdaq-100.
SpaceX is targeting a $1.75 trillion IPO.
Nasdaq wants the listing over NYSE.
So Nasdaq is rewriting its own rulebook.
Here's what they are proposing:
1️⃣ "Fast Entry" rule: any mega-cap IPO gets added to the index after just 15 trading days — bypassing all standard seasoning and liquidity requirements.
2️⃣ A 5x multiplier for low-float stocks: if SpaceX floats just 5% of shares, passive funds are forced to buy as if it were weighted at 25% of total market cap — $438 billion of phantom weighting.
The result?
Tens of billions of price-insensitive passive dollars — your pension, your ETF, your QQQ — are legally mandated to buy SpaceX at whatever price it trades to on Day 15.
Hedge funds will front-run this guaranteed bid aggressively.
Then when the lock-up expires, insiders flood the market with shares — at the exact moment passive funds are again forced to buy more.
"If you're playing a poker game and you look around the table and can't tell who the sucker is, it's you."
The sucker is every passive investor in a Nasdaq ETF.
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Ras Kapital retweetledi
THE GREATEST EXIT EVER 🚨
SpaceX will be the biggest wealth transfer in stock market history.
Not from rich to poor.
Not from poor to rich.
From passive ETF investors to SpaceX insiders.
Here's the machine:
Nasdaq changes its rules → SpaceX joins the index on Day 15
Hedge funds front-run the forced bid → price explodes
Your QQQ is legally forced to buy at the top
Lock-up expires → insiders sell billions
Passive funds forced to buy again
1,000x earnings.
125x sales.
You are not investing in SpaceX.
You are the exit liquidity.
Thierry from arvy 🇨🇭@ThierryBorgeat
Something deeply uncomfortable is happening to the Nasdaq-100. SpaceX is targeting a $1.75 trillion IPO. Nasdaq wants the listing over NYSE. So Nasdaq is rewriting its own rulebook. Here's what they are proposing: 1️⃣ "Fast Entry" rule: any mega-cap IPO gets added to the index after just 15 trading days — bypassing all standard seasoning and liquidity requirements. 2️⃣ A 5x multiplier for low-float stocks: if SpaceX floats just 5% of shares, passive funds are forced to buy as if it were weighted at 25% of total market cap — $438 billion of phantom weighting. The result? Tens of billions of price-insensitive passive dollars — your pension, your ETF, your QQQ — are legally mandated to buy SpaceX at whatever price it trades to on Day 15. Hedge funds will front-run this guaranteed bid aggressively. Then when the lock-up expires, insiders flood the market with shares — at the exact moment passive funds are again forced to buy more. "If you're playing a poker game and you look around the table and can't tell who the sucker is, it's you." The sucker is every passive investor in a Nasdaq ETF.
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Ras Kapital retweetledi
🚀
SpaceX - Governance #7
"Controlled Company"
What is a “Controlled Company”?
A controlled company is a formal term defined by Nasdaq listing rules (Rule 5615(c) and the parallel Nasdaq Texas rules).
Definition: A company is a “controlled company” if more than 50% of the total voting power for the election of directors is held by:
- a single person,
- a single group, or
- another company.
In SpaceX’s case, Elon controls ~85.1% of the total voting power → SpaceX therefore qualifies as a controlled company as soon as it completes its IPO.
What does this status actually mean?
Because it is controlled, SpaceX is exempt from several key corporate-governance requirements that apply to normal public companies:
- It does not need a majority of independent directors on the full board (but has five independent directors of the total current eight Board members)
- Its Compensation & Nominating Committee does not need to be composed entirely of independent directors.
- It does not need a fully independent Nominating / Governance Committee. (The only committee that must still be fully independent is the Audit Committee.)
This structure is very common for founder-controlled tech companies (Meta, Alphabet, etc.).
When did the term “controlled company” first come up in SpaceX's documents?
Not in any of the 2024 or early 2026 private-company filings (Certificate of Conversion, Amendments 1–4, etc.). It first appears in the May 20, 2026 public S-1 filing twice, page 31 and in detail on pages 194/195 (see screenshot).
So the term was introduced publicly for the first time when SpaceX filed its S-1 in preparation for the IPO and gives SpaceX flexibility.
AleXandra Merz 🇺🇲@TeslaBoomerMama
🚀 SpaceX - Governance #6 Board Committees and who is considered independent, and who is not SpaceX is establishing two standing committees: 1. Audit Committee Members (expected upon IPO): - Randy Glein – Chair and expected “audit committee financial expert” - Steve Jurvetson - One additional member (to be named within the one-year period allowed by Nasdaq/Nasdaq Texas rules) Note: All members must be independent directors. This committee is not exempt from independence requirements even though SpaceX is a controlled company. 2. Compensation and Nominating Committee (combined committee) Members (expected upon IPO): - Ira Ehrenpreis – Chair - Antonio J. Gracias - Luke Nosek Note: As a controlled company, SpaceX is exempt from the requirement that this committee be composed entirely of independent directors. Ira Ehrenpreis and Luke Nosek qualify as independent; Antonio Gracias does not. No other board committees are mentioned in the S-1. The full board will handle all other governance matters until additional committees are formed later. Why is Antonio Garcias not considered "independent"? The S-1 points to 2 main factors the board considered when assessing independence (page 195): - Beneficial ownership of capital stock by the director and/or investment funds or other entities affiliated with them. - The relationships set forth under “Certain Relationships and Related Person Transactions”. Antonio Gracias is the founder, CEO, and Chief Investment Officer of Valor Equity Partners. Valor has had multiple large transactions with SpaceX (including equity investments and other business arrangements). Because of these material relationships and his control over Valor-affiliated entities that own a significant stake in SpaceX, he fails the independence tests under Nasdaq/Nasdaq Texas listing standards. This is why he can serve on the Compensation & Nominating Committee (thanks to the controlled-company exemption), but he is not counted as an “independent director” for governance purposes.
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Ras Kapital retweetledi
They changed the entire rules of the stock market specifically for Elon Musk's SpaceX IPO...
This is what they aren't telling you... and how it could cause the greatest collapse we've ever seen.
Financelot@FinanceLancelot
Is the SpaceX IPO about the collapse the stock market?
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Ras Kapital retweetledi
Meanwhile at the cotton club across town
iza@izamamaa
It’s wild to think that white folks all danced like this before Elvis hit the scene.
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Ras Kapital retweetledi
Software Devs making a comeback at Starbucks like
Polymarket@Polymarket
JUST IN: Starbucks retires AI inventory tool across North America after it reportedly miscounted & mislabeled store items.
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Ras Kapital retweetledi
Umm, this is not good. Funerals and contact with body fluids from the deceased were prime methods of spread in the West Africa outbreak
I wonder if all air traffic in the region needs to be halted.
Daniel Michombero /Batubenga@michombero
#ALERTE 🚨 : Tentative d’intrusion à l’hôpital de Rwampara « Nous sommes actuellement enfermés à l’hôpital de Rwampara. Des manifestants tentent de récupérer de force les corps des personnes décédées d’Ebola. Ils commencent également à incendier certaines installations de l’hôpital. La situation est extrêmement tendue et nécessite une intervention urgente des autorités compétentes afin de sécuriser les patients, le personnel médical et les infrastructures sanitaires », explique une source sur le lieu.
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Ras Kapital retweetledi
Forget Nero. Forget Caligula.
The worst Roman emperor in history was a 19 year old who thought he was the reincarnation of Hercules. If you saw the movie Gladiator, you know him as Joaquin Phoenix's character. His real name was Commodus, and the reason his story is so dark is that his father was Marcus Aurelius, the philosopher king who wrote the Meditations.
When Marcus died in 180 AD, Commodus inherited the most powerful empire the world had ever seen. He immediately abandoned his father's wars on the German frontier, made a humiliating peace, and rode back to Rome to play.
He fought in the Colosseum 735 times. He won every match, because his opponents fought him with wooden swords while he used a real one. The Senate was forced to pay him a million sesterces every time he stepped into the arena.
He once gathered men who had lost their feet to accident or disease, dressed them from the knees down as serpentine giants, handed them sponges to throw at him as "rocks," and clubbed them to death in front of the Roman public for sport.
On another day, he decapitated an ostrich in the arena, walked up to the senators in the front row, and held the bloody head up at them with a smile. The historian Cassius Dio was sitting there that day. He writes that the senators chewed on the laurel leaves from their crowns to hide their hysterical, terrified laughter, because they understood the head was a promise.
He renamed the city of Rome itself "Colonia Commodiana." Colony of Commodus.
He renamed all twelve months of the year after his own twelve titles.
He declared himself a living god, dressed publicly in a lion skin, carried a wooden club, and demanded to be addressed as Hercules, son of Zeus.
His own sister Lucilla tried to have him assassinated. He survived and had her executed. His wife Crispina was exiled to an island and quietly killed. His chamberlain Cleander began openly selling senate seats and consulships for cash. In one year, twenty five different men were appointed consul.
On New Year's Eve, 192 AD, his mistress Marcia found her own name on his execution list for the next morning. She poisoned his wine. He vomited it up. So she sent in his personal wrestling coach, a man named Narcissus, who strangled him to death in his bath.
The very next year, the imperial throne of Rome was literally auctioned off to the highest bidder by the Praetorian Guard. Five different men claimed the title of emperor in twelve months. Civil war never really stopped after that.
Edward Gibbon, who wrote the definitive history of Rome's collapse, opens his entire 3000 page book with the death of Marcus Aurelius and the rise of his son.
The Roman Empire would limp on for another 284 years in the west before it finally fell.
But the Pax Romana, the longest stretch of peace and prosperity the ancient world had ever known, died on the German frontier with Marcus Aurelius.
His son made sure of it.
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Ras Kapital retweetledi
Ras Kapital retweetledi
I learned, in 1972, Clive commissioned a study titled "A Study of the Soul Music Environment" aka the Harvard Report. It advised white labels to hire Black executives and create urban divisions to undermine independent Black labels and capture Black music market share. Motown and many others declined thereafter.
Hip-Hop Lounge 📻🪬@laurynslounge
What's your honest thoughts about Clive Davis?
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Ras Kapital retweetledi
Days after bee venom was found to kill cancer…
FactPost@factpostnews
The Trump administration is closing the nation's primary bee research laboratory.
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Ras Kapital retweetledi
Ras Kapital retweetledi
The second Trump administration is basically a series of immigrant and diaspora groups using the US military and US treasury as their toy to go interfere in and "fix" what they regard as their country of origin.
Marco Rubio's family is from Cuba so that becomes his priority.
Secretary Marco Rubio@SecRubio
🇺🇸🇨🇺
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@Stellaaa @nicksortor he will walk it off. those skinny hungry pirates are build different.
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@nicksortor Yeah that jump would be at least 40’ so
It would shatter his legs, back and other things. He may be trying to escape but he’s not going fast or far without serious help and medical attention 🫠
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🚨 BREAKING: The FBI just announced one of the Minnesota fraudsters targeted with arrest this morning jumped out of a FOUR STORY BALCONY, and is now on the run
Video of the suspect can be seen below.
FIND HIM AND DENY HIM BOND!
He CANNOT be allowed to flee the country!
Anyone with info should call 1-800-CALL-FBI or go to the FBI's website.
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