by Karl Denninger
Elon Musk has absolutely nothing to sell except hype — and in that regard, he sells a lot.
Yes, Space-X is a big deal. But Space-X is a non-event in terms of money.
And now, Musk has “acquired” Solar City — another money losing tax farm.
Folks, these companies are nothing other than tax subsidy farms, and lose money on an operating basis. They are debt-financed and leveraged to beyond the orbit of Jupiter, which is a grossly-unsustainable practice that only works so long as the stock price remains sky-high.
Which, ultimately, it won’t.