The US capital markets are closer to Putin's Russia than to free markets.
Historically, listing rules asked: "How much money did you make last year, and do you fit our standard corporate governance box?"
Today, NASDAQ's rules ask: "Do you have the massive market capitalisation, sufficient institutional public float, and transparent liquidity to ensure fair and orderly trading?"
Here are the obvious ones:
1. Free float - Every company that intended to list was required to have at least 20% free float.
2. Index weights were based on the free float.
3. Time before inclusion into the Indices (min 12 months) now 15 trading days
4. Lockup period - minimum 12 months up to 24 months - not 180 days.
I wish people would understand that if America had a functioning criminal justice system, no one would have heard Elon Musk nor Donald Trump.
I have a 16-year-old daughter, but when she was in Day Care, one of the Chinese kids wore a Ramones t-shirt. I was so surprised that I asked the parents if they had ever heard of the Ramones. They had no idea what I was talking about.
In Australia, Kmart (Kmart is very popular here) sells lots of retro rock t-shirts. Often from tours that occurred in the 1970s eg Elon John 1974 tour or Led Zeppelin etc.
Australians gamble more than anyone on Earth but the idea that people "invest" huge money, whether or not missiles explode in a country at war is crazy.
It was said Australians would bet on two flies climbing up a wall. But this is madness.
Tesla is heading south in a serious way.