It is seriously baffling to me who is going to buy shares in this with 1) this structure and 2) at this valuation.

And it is a LOT of money that he is floating ($77B) so there have to be dumb people at scale for this to work.

Look at Tesla stock and you have your answer. This will be another meme stock

	▲	Grombobulous 2 hours ago \| parent [-]
		It will be interesting to see how this actually plays out. You could either be 100% right, or this could be another exercise in failed human hubris. I.e., Elon and the financial architects behind this IPO are assuming that it will work just like Tesla. However, in the back of my mind I have to wonder if Elon has spent too much social capital for this kind of cult of meme stock strategy to work again. This plan has potential to backfire since this unique IPO scheme became a big news story. The microscope is on the company more than it was for Tesla.